Cyprus Mail

Georghadji sees growth after fiscal imbalances, bank supervision gaps addressed (Updated)

File photo: Central Bank Governor Chrystalla Georghadji

By Stelios Orphanides

The Cypriot economy will have to grow at a pace of 3 per cent for up to 5 years before Cypriot banks see their non-performing loan ratio drop to 10 per cent, Central Bank of Cyprus governor Chrystalla Georghadji said.

Georghadji, who was addressing lawmakers of the parliament’s finance committee said that for now, after Cyprus successfully dealt with fiscal imbalances and addressed gaps in the supervision and regulatory framework of its banking sector will only see its economy grow 1.5 per cent in 2015 and more than 2 per cent in 2016.

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