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CBC: Takes steps to limit the economic impact of the war in Ukraine

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The Central Bank of Cyprus (CBC) assures that the necessary precautionary measures have been taken to minimize any impact of the war in Ukraine on the Cypriot financial system. At the same time, he notes that due to the rapid developments, the analysis of the potential impact and potential risks is ongoing. KYPE for the exposure of the Cypriot financial system in Russia and Ukraine respectively & nbsp; and the measures taken to deal with the effects of the Ukrainian crisis.

As mentioned, the CBC in cooperation with the European Central Bank (ECB) is closely monitoring developments in Ukraine and any implications of what is happening but also of the sanctions that have been imposed or are about to be imposed.

” “The CBC and the ECB have taken timely and precautionary measures to ensure that any impact, including the extent of bank exposure in Russia, is limited.”At the same time, the CBC notes that thanks to the efforts of recent years, the Cypriot banking sector now has an increased capacity to absorb any shocks. As mentioned, the levels of capital adequacy, as assessed through the Category 1 Common Shares Index, amounted to 17.2% in September 2021, a percentage significantly higher than the corresponding European average of 15.7%, strengthening the capacity of the domestic absorb unexpected losses and continue to provide financing to the real economy.

It is also reported that the Cypriot banking sector is now among the most robust in Europe in terms of liquidity levels with the Coverage Index reaching 345% in January 2022, a level that is almost twice the European average (174%) and more than three times its minimum supervisory requirement of & nbsp; 100%. In addition, it is noted that the deposit base of the Cypriot banking sector in January 2022 amounted to € 51.3 billion, one of the highest levels observed since 2014, with the share of domestic residents in deposits reaching 82%, which strengthens The systemic banks are also under the direct supervision of the ECB.

“Due to the rapid developments, the analysis of the potential impact and potential risks ( “Cyber ​​security risks, weakening of the economic environment, impact on energy prices, etc.) are ongoing, so that any measures can be reconsidered”, the CBC's response states.

Source: www.philenews.com

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