Bi-Weekly Report 3 – 16 November 2020


The change in the helm of the CBRT marks a shift towards “more orthodox” policy tightening, easing market concerns and bolstering the TRY exchange rate

Lending activity continued to expand at a fast pace in October



A sizeable fiscal impulse in 9M:20 helped cushion the COVID- 19 shock

Monetary policy is set to remain accommodative, despite limited room for further rate cuts



Budget deficit hits record-high (yet still manageable) levels, due to the pandemic

Although it is projected to underperform its target deficit of 0.7% of GDP, the FY:21 budget is set to fall well below the EU threshold of 3.0%

The COVID-19 shock leaves Cyprus with a significant debt legacy



Bi-Weekly Report 3 – 16 November 2020

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