We are one of the countries that will be very much affected – on the basis of tourism, on economic issues, and also by human aspects. We have 30,000 British nationals living in Cyprus, most of them living in Paphos, and they are considered to be permanent residents.
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The Bank of Cyprus and Hellenic Bank will sell loans, worth €4 billion in total, according to the Governor of the Central Bank of Cyprus (CBC), Constantinos Herodotou. Herodotou noted that non-performing loans (NPLs) have not changed much during the last few months and called on the Cypriot banks to step up their efforts to further reduce them. The Governor said that Cypriot banks may have reduced their NPS by €19 billion since their peak in December 2014 but ‘there is still work to be done,’ as Cyprus’ NPL ratio stands at 30% compared to the Eurozone average of 3%.
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“The pandemic and the global crisis are changing consumer behavior and habits in the workplace – so a number of professions, such as an audiologist, assistant manager or coach, may not recover and may never return to mass positions for many years or ever,” analysts believe. They specify that the forecast did not take into account other factors and unforeseen events that may occur in 2021.
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