Majority of NPLs in Cyprus hospitality industry remain unpaid despite 2 year boom

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The tourism and hospitality industry in Cyprus has had a consecutive 2 year profit increase, however according to statistics, has done little to repay its outstanding €1B in NPLs (non-performing loans). In December last year, hotel and restaurants reduced their non-performing loans by a mere €324m over a two year period. Central Bank figures show the ratio of bad debt within the industry remain just below the halfway mark, comparable to that of the overall amount.