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Thursday, October 5, 2023

YPOIK: Deposits-companies do not leave due to war

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Deposits and companies do not leave because we offer a safe financial environment, said the Minister of Finance Konstantinos Petridis on the “Agenda” show of Active.

Regarding whether the Cypriot economy will be affected by the sanctions imposed by the European Union on Russia due to the war in Ukraine, the Minister noted that the key is the duration of the war and sanctions, as sanctions are an economic war. He stressed that if the whole situation ends soon and the sanctions are withdrawn, then we can absorb the vibrations.

As far as our banking system is concerned, its exposure to Russia is small, while as he said, the Russian banks based in Cyprus have capital adequacy. At the same time, he explained that not all Russian banks have been excluded from SWIFT. However, the blockade will affect transactions involving citizens sending or receiving money from Russia.

READ ALSO: & nbsp; Cypriot banks watch out for sanctions

At this point, the Ministry of Foreign Affairs stated that deposits and companies do not leave Cyprus & nbsp; because as a country we offer a safe environment due to the EU. There is a greater possibility for companies from Ukraine and Russia to come than to leave. >

Tourism & nbsp;

Regarding the tourism sector, he said that, as for the rest of the economy, it depends & nbsp; on the duration & nbsp; of the war and the sanctions. About 25% of our tourist flow is from Russia and corresponds to about 1.5% of GDP, said the Ministry of Finance. Much of it could be covered by the rest of Europe, he noted. He also said that he talked to the hoteliers who told him that they have alternatives. He further added that even if the sanctions are lifted, the purchasing power of Russian tourists will be in doubt due to the effects on the Russian economy.


In terms of inflation we already have the first threat which is the inflation trends brought by the pandemic and it is an import that can not to influence Cyprus, he said. On the part of the government, we are finding ways not to impose energy poverty, added the Ministry of Finance. He also said that energy dependence and grain are Russia's biggest economic weapon. He stressed that we have pillows but we must be careful in their use. “Things are difficult but we will take the situation seriously,” he said. -picture “allowfullscreen =” “frameborder =” 0 “height =” 315 “src =” https://www.youtube.com/embed/b7dUQBa7Qcs “title =” YouTube video player “width =” 560 “>

Source: www.philenews.com

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