GLOBAL & REGIONAL DAILY (Thursday 12 November, 2020)
GLOBAL & REGIONAL DAILY
November 12 2020
In a speech opening the ECB’s forum on Central Banking y-day, the ECB President adopted a dovish tone, reinforcing expectations for further policy stimulus at the December meeting. Meanwhile, core fixed income markets gained some ground early today and the EUR/USD stabilized slightly below 1.18, as market focus has shifted back to the expected impact of the lockdown measures across Europe.
According to the Deputy Minister of Finance Theodoros Skylakakis, debt-to-GDP is expected to hike to 204%-206% in 2020, while GDP contraction is expected slightly above 10% in 2020 followed by a recovery above 5% in 2021.
CYPRUS: The volume of non-performing exposures (NPEs) decreased by €2.2bn in June, pushing the NPEs ratio down to 22.3%.
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