BUSINESS

ECB starts buying Cypriot bonds after ratings upgrade

FRANCESCO CANEPA

TAGS: Cyprus, Economy, Euro

 

The European Central Bank said on Thursday it had restarted buying Cypriot bonds under its stimulus programme after an upgrade to the country’s credit rating, and pledged to make up slowly for its 2-1/2-year exclusion from ECB buying.

“The Eurosystem has...re-started purchases of Cypriot government bonds (today, with settlement in October 2018),” the ECB said in a statement.

“The Eurosystem’s pace of purchase in Cypriot government bonds will take the specific market liquidity situation of the Cypriot government bond market into account in calibrating a gradual and measured increase in Eurosystem holdings towards Cyprus’s share in the ECB capital key,” it added. [Reuters]

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