ECB VP praises Cyprus' economic turnaround

ECB Vice-President Luis de Guindos praised Cyprus for its remarkable economic improvement and recent upgrades by two rating agencies during a meeting with Cyprus Central Bank Governor Constatinos Herodotou in Nicosia. The officials emphasized the strengthening collaboration between Cyprus and the ECB.

Governor Herodotou expressed gratitude for de Guindos' visit, highlighting its significance as a testament to the close relationship between the ECB and Cyprus' National Central Bank. He also noted the opportunity to discuss broader Eurozone dynamics and Cyprus' local economy progress and challenges.

The dialogue between them was described as insightful and productive, with a focus on navigating challenges like high inflation rates. De Guindos expressed delight at being in Cyprus, acknowledging the improvements in the Cypriot economy and banking system, highlighted by recent rating upgrades.

De Guindos also commended Governor Herodotou's contributions to the ECB's Governing Council, emphasizing his productive and cooperative approach. He expressed the desire to continue their cooperation in the future.

Luis de Guindos was set to be the keynote speaker at the first annual conference of the CBC, addressing the role of monetary policy in addressing inflationary pressures in Limassol.