Pleasant Banking Updates for BOCY (Bank of Cyprus) - Boosts Banking Confidence in Cyprus

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cyprusbank1After months of negotiations and banking reforms, the BOCY has officially been signed over from administrators which were appointed after the bank did not have enough capital to sustain its debt levels. The administrations role is to thoroughly examine whether the bank can perform future profits or not. Finally, after regulating and implementing new procedures the bank is now in the hands of the interim board which will be under tight scrutiny to adhere to these new internal laws. The pleasant news has been announced from the Central Bank Governor (CBG) Panicos Demetriades. The effective decision enhances Cyprus’s course to start promoting Economic Stability and a stop to an era of uncertainty. Cyprus, after a prolonged period of Economic Boom has endured a recession which first thought that its impact would have irrevocable damages has started to see some stability. The property market, after years of growth has decreased to more affordable levels – which enables people that could not afford to enter the market now looking for affordable buys in comparison with renting. The cost of living, even though not much unchanged has seen a lot of competition among supermarket chains and specially leisure items. Experts believe it will take some time for the economy to recover, but as everyone has been anticipating the right moment to enter in the property market and buy leisure items, now maybe the time to get more value for money.