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Cyprus residents do not have confidence in banks

Cyprus residents do not have confidence in banks

23.03.2018
Tags: Cyprus, Economy, Society

After the "haircuts" of deposits in 2013 during the crisis, many families' trust in banks fell. Now that the island has just emerged from the crisis, the Cypriots prefer not to take risks and keep their savings at home in cash.

As shown by numerous surveys, victims of the "haircuts" of Cypriot deposits prefer to now keep money at home. As they say in the people, "under the mattress." Those citizens who in 2013 did not fall under the "haircut", more trust banks, says statistics.

Banks of Cyprus are serious about their current and potential depositors' opinions. Keeping money in the form of cash at home undermines confidence in the entire banking system of the island, and from this the banking sector is uncomfortable, reports InBusinessNews.

In addition, the restrictions that will be imposed on cash payments can create an imbalance in the financial sphere of many households. People simply will not be able to make a large purchase on their savings, as they will be in the form of cash. Also, the accumulation of cash in households can shake the financial balance on the entire island. Therefore now the efforts of the banking sector are aimed at restoring the confidence of depositors in banks.

Irina Zhmaeva
RuCy
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