The Cyprus Borrowers Association (Syprodat) this week released a statement urging the government to enact targeted measures to combat rising costs, endorsing the positions of political parties Disy and Akel on the matter.

The association noted that geopolitical tensions, both across Europe and in the Middle East, are generating a number of challenges for people and contributing towards an environment of uncertainty.

“High cost levels are suffocating people more and more every day,” Syprodat said.

“People have now changed their buying habits due to the price increases, as they only buy the essentials for themselves and their families,” it added.

Furthermore, the association explained that high prices, combined with high interest rates and the crisis caused by the wars in Ukraine and the Middle East, have created difficulties for many borrowers in meeting their financial obligations and addressing their loan commitments.

“Therefore, an effort to prevent a new wave of non-performing loans should start from everyone as a result of the aggressive increase in interest rates, inflation, and wars,” Syprodat said.

Finally, the association called on the government to immediately create “a support package for all, with targeted measures” aimed at addressing the rising costs.