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The expected increase in interest rates by the European Central Bank will be manageable, said the Governor of the Central Bank of Cyprus (CBC) Konstantinos Herodotou.
Mr. Herodotou had a meeting with its executive committee SEC, which raised its concerns and suggestions regarding the rise in inflation and the possibilities to deal with it, the lending of young couples, mainly in terms of housing, issues that the CBC has committed to address. >
In statements after the meeting, SEC Secretary General Andreas Matsas said that the course of the economy and inflationary pressures and any potential effects that could be recorded on the economy and the labor market, as well as the situation in the financial system were assessed. “We have raised our concerns and suggestions & nbsp; in terms of trying to normalize the state of the economy and create prospects for recovery and growth,” he said.
According to Mr. Matsas, the SEC raised with Mr. Herodotus its concerns for tackling inflation, the issues of green growth in combination with the introduction of a green tax reform, the issues of automatic indexation, the possibility of banks to the support of young couples mainly in terms of their housing ability, through a more targeted and socially justifiable housing policy and the implementation of the Recovery and Sustainability Plan.
In his own statements, Mr. Herodotus stated that the CBC will examine at a technocratic level the issues raised by the SEC.
The increase in ECB interest rates is visible
< Asked if he believed banks and borrowers would be affected by the ECB 's rising interest rate hikes, Herodotus said "they will definitely be affected and we can certainly cope."
Explaining that the ECB is monitoring inflation in the medium term, which now shows that it is reaching the 2% target, the CBC Governor added that “there will be a normalization, because the momentum we see now with very high inflation is short-term.” However, Mr. Herodotus pointed out that “what pushes inflation in the eurozone and in our country are the issues of energy prices, which are not easily or directly resolved by interest rates, as you know.”
“But because the ECB's medium-term goal now seems to be being achieved, interest rate hikes are now visible but manageable, because something that has been very well implemented by banks for some time now is lending on the basis of repayability,” he said. Herodotus.
He also pointed out that both consumers and households “should receive such a level of lending that we feel that it will not endanger our financial situation.”
Difference between ETYK and Hellenic Bank: It is important to have a dialogue
Besides, when asked to comment on the annulment of the decision of ETYK to suspend the 24-hour strike at Hellenic Bank, Mr. Herodotou said that “it is It is important that there is a dialogue so that a solution can be found for both sides “, reminding that this issue falls within the responsibilities of the Ministry of Labor.
” From the CBC side we definitely want to have a bank that has a viable future, let me put it this way, so the result of any negotiation must be within this framework “, he concluded.