Loan Restructuring Increases 4 Fold

Киприоты стали чаще обращаться в банки за реструктуризацией кредитов
9 December 2021 DOM LiVE
416

In the first six months of 2021, debt restructuring in Cyprus increased by 400%, reaching 1.4 billion euros.

This was announced on Tuesday, December 7, by the chairman of the Central Bank of Cyprus, Constantinos Herodotou.

He also stressed that he intends to oppose an increase in interest rates, since the current high inflation is temporary. Herodotou noted that an increase in rates could cause a serious blow to businesses and households.

The chairman of the Central Bank said that in the first half of 2020, the restructuring of loans reached 270 million euros, and in the first six months of 2021, after the intervention of the country's main financial institution and the introduction of a moratorium on loan repayment - 1.4 billion euros.

'The fact that all these loans were not overdue, that all businesses and households were able to maintain their loans in working order, is a significant success for us,' Herodotus said.

Commenting on the upward trend in inflation, he quoted the position of the European Central Bank (ECB) that inflation is a temporary surge, the peak of which will come in 2022. This is not due to an increase in demand, but to a small number of offers that have not yet recovered from the COVID-19 pandemic.

As you may know, restructuring is a change in the terms of an existing loan.

The loan agreement continues to be valid. This program is aimed at improving the financial situation of a borrower who has difficulties with debt repayment.

Киприоты стали чаще обращаться в банки за реструктуризацией кредитов

You can find profitable options for buying real estate in Cyprus onDOM. The website also has a large number of objects for rent - from residential to commercial real estate. Choose and contact professionals who will help you make the right choice!
Source: www.financialmirror.com
Photos: pixabay.com
No one has left a comment yet
Place qoute
Interesting offers

House in Paphos

€ 360 000

Villa for sale in Limassol

€ 1 200 000

Giant house in a picturesque place

€ 7 000

Villa for sale in Latchi

€ 900 000

House for sale in Limassol

€ 661 000

Old people house

€ 5 800 000

House in Limassol

€ 795 000

New apartment in Limassol

€ 277 500

Buy apartment in Limassol

€ 4 500 000

Villa for rent in Limassol

€ 10 000
Компания «Dom Real Estate» Контакты:
Адрес: Limassol, Cyprus,
Телефон:+357 25 212 212, Электронная почта: info@dom.com.cy