05/03/2015 16:24
Central Bank Governor, Chrystalla Georghadji stated on Thursday that Cyprus is expected to enjoy direct benefits from the ECB bond purchase program when it participates in it.
Speaking at a joint press conference with the ECB President, Mario Draghi, Ms. Georghadji noted that countries like Cyprus that are in a program must have a positive assessment by the troika to participate in the European Central bond purchase program.
"Unfortunately, the fifth review of the Cyprus economy is not yet completed as the foreclosures law has not been implemented. When a positive review, we will be able to start immediately and to be benefited with up to €500 million throughout the duration of the program”, said Ms. Georghadji.
The plan, she added, will have a very favourable impact on Cyprus, will push interest rates down and, therefore, the government will be able to borrow at lower interest rates.
"We expect to participate in this program”, she said.
Lifting of remaining capital controls
She also stated that by the end of the first quarter of 2015 the few remaining capital controls will be lifted explaining that their imposition could not be avoided until the restoration of confidence in the banking system.
Speaking at a joint press conference with the ECB President, Mario Draghi, Ms. Georghadji noted that countries like Cyprus that are in a program must have a positive assessment by the troika to participate in the European Central bond purchase program.
"Unfortunately, the fifth review of the Cyprus economy is not yet completed as the foreclosures law has not been implemented. When a positive review, we will be able to start immediately and to be benefited with up to €500 million throughout the duration of the program”, said Ms. Georghadji.
The plan, she added, will have a very favourable impact on Cyprus, will push interest rates down and, therefore, the government will be able to borrow at lower interest rates.
"We expect to participate in this program”, she said.
Lifting of remaining capital controls
She also stated that by the end of the first quarter of 2015 the few remaining capital controls will be lifted explaining that their imposition could not be avoided until the restoration of confidence in the banking system.
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