Ongoing pressures in the EU set to affect Cyprus

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European Central Bank President, Christine Lagarde, has stated that Cyprus is set to be affected by the increasing financial pressures that will come as a result of the country’s dependency on oil imports for the generation of electricity and energy. 

Tourism is set to also see a decrease in the number of visitors from Russia and Ukraine, which made up 32 percent of total arrivals in 2021 combined. Lagarde went on to say that given the importance of Cyprus as a middle point for foreign investment, there will definitely be an interruption to accounting, consulting, and legal services. 

“I recognize that Cyprus, like all of Europe, is now facing growing uncertainty,” said Lagarde. 

The ECB head noted in her speech, at an event held by the Central Bank of Cyprus, that the fundamental growth of the Cypriot economy has grown over the years due to the hard work conducted after the banking crisis of 2013. 

Lagarde noted that the banking sector has been highly capitalised and liquidity and exposures in Russia are limited. 

Source: Ekathimerini

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