President discusses economic growth, US talks with bank association

The positive trajectory of the Cypriot economy, the successful issuance of a seven-year bond by the Republic of Cyprus, the commencement of strategic dialogue with the US, digital transformation, and the green transition were the main topics discussed during a one-hour meeting at the Presidential Palace.

The meeting, which was held on Thursday afternoon, was attended by President Nikos Christodoulides and a large delegation from the Association of Cyprus Banks.

This marked the third meeting between President Christodoulides and the association since he took office.

According to sources cited by the Cyprus News Agency, it was highlighted that the Cypriot economy is “doing very well,” as evidenced by recent upgrades from international credit rating agencies, which also underscored the “improving image of the banks”.

The meeting also noted that this positive direction of the Cypriot economy was reflected in the successful issuance of a seven-year bond on Wednesday, June 19.

The bond, amounting to €1 billion, saw high demand, with the order book reaching €9.6 billion.

Furthermore, the discussion touched upon digital transformation, a pressing issue due to public sector bureaucracy, and the green transition, with the daily impacts of climate change becoming evident through high summer temperatures and frequent wildfires.

Additionally, the meeting emphasised the “significant” agreement between Cyprus and the US to initiate a strategic dialogue.

Cyprus is the only non-NATO member country to sign this agreement, which is expected to “pave the way for direct American investments”.

The Association of Cyprus Banks’ delegation was led by its new president Aristides Vourakis, CEO of AstroBank Ltd.