Cyprus is considering an early repayment of part of a €2.5bn loan secured from the Russian Federation in 2011 during the financial crisis. The outstanding amount is currently at €1.57bn. The interest rate initially at 4.5 per cent was cut down to 2.5 per cent in 2013.

Mr. Harris Georgiades, Minister of Finance, reported the possibility while commenting on media reports that Cyprus is considering tapping the markets for a new bond issuance, exploiting favourable market conditions to repay the loan and soon after meeting with the new Central Bank Governor, Mr. Constantinos Herodotou.

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