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The new lockdown measures enforced in Cyprus will lead to increased challenges on bank asset quality as well as accelerated non-performing loans (NPLs) as negative impact outweighs benefit, Moody’s rating agency has said. Alarmed by increased daily Covid-19 infections and rising hospitalisations, Cyprus imposed a three-week lockdown until the end of January 31 which limits financial activity. “The support measures are positive for banks, but are outweighed by the larger credit-negative economic effects of the second lockdown,” the agency said in its …
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