New lockdown in Cyprus to accelerate non-performing loans, says Moody’s

1 week ago In-Cyprus In-Cyprus Cool

New lockdown in Cyprus to accelerate...

The new lockdown measures enforced in Cyprus will lead to increased challenges on bank asset quality as well as accelerated non-performing loans (NPLs) as negative impact outweighs benefit, Moody’s rating agency has said.

Alarmed by increased daily Covid-19 infections and rising hospitalisations, Cyprus imposed a three-week lockdown until the end of January 31 which limits financial activity.

“The support measures are positive for banks, but are outweighed by the larger credit-negative economic effects of the second lockdown,” the agency said in its bi-weekly Credit Outlook released on Thursday....

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New lockdown in Cyprus to accelerate non-performing loans, says Moody’s

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