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Cyprus Is Dealing With The Economic Crisis With Specific Investment Policies And Programmes, Finance Minister Says

Cyprus Is Dealing With The Economic Crisis With Specific Investment Policies And Programmes, Finance Minister Says

Cyprus is dealing with the economic crisis with specific investment policies and programmes, bringing growth to 6%, and increasing the fiscal reserve to continue helping people, Finance Minister Constantinos Petrides said on Tuesday evening, adding that private reserves have also increased, with Cypriots’ deposits in banks reaching a “record” amount of €45 billion.

In his statements on the sidelines of an event in Larnaca, Petrides said, that, the inflation experienced today has not been experienced for 30 to 40 years, while, “we have entered an era of expensive money, we are experiencing continuous crises, only in 2022 the world economy experienced three consecutive crises”, arguing that financial management plays a decisive role in everyone’s incomes and whether and what job everyone will have the day after.

Responding to a question, the Minister said that, Cyprus is dealing with this economic crisis with specific policies that have brought growth to 6% where everyone estimated it would be 2%, with specific policies that have increased the fiscal reserves, so that it can continue to help the people.

“If we didn't have a sound fiscal policy, we wouldn't be able to give €3.5 billion during the pandemic, nor €400 million during the energy crisis”, he added.

He also said, that, statistics show that in addition to fiscal reserves, private reserves have also increased, and that, Cypriots’ deposits in banks have reached €45 billion which is “a record”, after two consecutive crises, while unemployment is at the lowest levels despite the successive crises.


Source: CNA


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