Finance Minister Makis Keravnos said on Monday that there appears to be no immediate threat to the Cypriot economy stemming from developments in the Middle East, following a snap meeting.

The meeting was held internally with ministry officials, and Keravnos said that they will continue to monitor the situations and take all necessary actions if needed.

In a statement, the ministry added that the meeting reviewed developments in the wider Middle East and Eastern Mediterranean region and any possible impact on the economy.

“All factors that may directly affect the economy and the sectors where there may be greater impact from a possible escalation of the crisis were examined,” it added.

Officials exchanged views on the planning and preventive actions that the ministry may take should the need arise.

On Sunday after a second national security council meeting, President Nikos Christodoulides said the situation in Israel is “very difficult”, but stressed the island remains uninvolved in any hostilities.

Addressing reporters after the hour-long session, he expressed the hope that “there would be no further aggravation which would not be in anyone’s interest.

“We must take difficult decisions which ensure the interests of the Cypriot people,” he said.

. “We have thoroughly reviewed the domestic and international situation and remain alert; we are monitoring the situation very carefully.”

Asked if there was a chance that Cyprus would be a target, he answered “our country proves in practice that it is not involved in any way in the escalation. We do not think that we solve problems with attacks”.