Cyprus central bank calls for continuing efforts on NPLs

Central Bank of Cyprus, Nicosia
The Central Bank of Cyprus
Photo: TourinNicosia/Wikimedia Commons

The Central Bank of Cyprus (CBC) has said the island economy’s financial situation is improving, but warned of continuing problems for domestic banks and insurance companies.

In its 2016 annual report, published on March 6, the CBC said domestic banks were taking further steps to deal with high levels of non-performing loans (NPLs).

Nonetheless, the central bank called for a “drastic reduction” in the “very high levels” of NPLs held by Cyprus’s banking system. Reducing them would not be

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