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Moody's: Cypriot banks benefit from strong tourism in 2016
CNA - CYPRUS/Nicosia 21/07/2016 14:29


Cypriot banks benefit from strong tourism in 2016, although a sustained weak sterling against the euro may adversely affect Cyprus’ tourism industry and therefore banks, says an analysis of Moody`s credit agency.

Moody`s points out that last Friday, the Cyprus Statistical Service (CSS) released data showing that revenues from tourism in the first four months of 2016 rose 12% from a year earlier, following 1% growth over the same period in 2015. CyStat estimated tourism revenue for January
-April 2016 was at its highest in more than a decade

“The growth in tourism revenues suggests further improvement in Cypriot banks’ asset quality, a credit positive even though asset quality metrics will remain weak for a prolonged period given banks’ high stock of problem loans”, says the agency.

(CNA)

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