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Cyprus's banking system, according to the Central Bank, is strong

On Monday, the Central Bank of Cyprus informed President Nicos Christodoulides that the financial system in Cyprus is resilient and will continue to support the real economy.

Christodoulides and Central Bank President Constantinos Herodotou were meeting for the first time since the new government entered office.

According to a statement, the two talked about current events, particularly the issue with Credit Suisse. Both men stated that they were "happy" with how Swiss authorities handled the situation.

During the discussion, Herodotou told the president, "Cypriot banks have strong capital adequacy and liquidity."

However, parliament resolved on Monday to summon the finance minister, as well as banking and financial authorities, for a briefing on the potential danger of contagion from the failure of big banks in the United States.

The meeting will take place the following week.

Akel Lawmakers brought the issue up for consideration. They intend to discuss with officials the "possible impact on the Cypriot economy from events in the global banking system, and the necessity to take preventative measures," according to a statement.

Andreas Kafkalias, an Akel MP, told media on Monday that it is critical that parliament receives a straight briefing on the exact magnitude of Cyprus's banks' and enterprises' exposure to a possible chain reaction following the failure of SVB and Signature Bank in the United States.

He stated that officials must determine whether the current situation offers structural concerns to the Cypriot economy.

Finance Minister Makis Keravnos, the Central Bank governor, the head of the Securities and Exchange Commission, the bank association, and the institute of certified public accountants are among those summoned to parliament.

Meanwhile, the governor of the Central Bank will meet with the CEOs of Cyprus's two main banks on Tuesday.



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