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Reports written by Cyprus News Agency

Cyprus strong growth momentum continues but…

Cyprus’ economic expansion is set to remain robust, driven by domestic demand, but risks are tilted to the downside, according to the European Commission’s spring 2019 economic forecast.

Renewed call to reform Title Deeds system

The EC and the ECB have renewed their call on Cyprus to “swiftly address the long-overdue reform of the title deeds issuance and transfer system” at the completion of their 6th PPS mission.

Cyprus’ vulnerabilities remain significant

The European Commission notes that despite the recent improvement, Cyprus’ vulnerabilities, which are mostly due to long-lasting stock-imbalances, continue to be significant.

Clouds gathering over the Cyprus economy

Risks, driven by world economy deceleration, Brexit as well as Cyprus’ domestic challenges are clouding the medium-term outlook of the Cypriot economy, an economic conference has heard.

Limited progress on resolving NPLs

The International Monetary Fund (IMF) noted that Cyprus had made little progress on resolving non-performing loans in its mission’s concluding statement following its recent official visit.

NPLs remain problematic says IMF

The high level of non-performing loans (NPLs) remain a problem for the Cyprus banking sector despite the strong growth boosting the island’s economy says the IMF representative in Cyprus.

Scheme to alleviate bailout losses

Cyprus Finance Minister Harris Georgiades has announced the creation of a scheme to alleviate bailout losses, which amounted to €8 billion, incurred by depositors as a consequence of the bailout.

More efforts needed to reduce NPLs

Cyprus needs to put more efforts into reducing the non-performing loans (NPLs) of the Cyprus banks, which “remain at extremely high levels” said the Chair of the ECB’s Supervisory Board.

Bank of Cyprus must sell NPLs

The Bank of Cyprus must include the sale of non-performing loans (NPLs) in its toolkit if it is to achieve its ambitious target to halve their ratio to 20 per cent by 2019 says Moody’s Rating Agency.

Banks helped by increased building permits

Although Cypriot banks continue to face significant asset quality challenges, a sustained increase in demand for building permits would improve their asset quality says ratings agency Moody’s.

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