Cyprus Securities and Exchange Commission (CYSEC) is exerting efforts to expedite the announcement of a decision by Fitch ratings agency for the evaluation of the Cypriot economy, in a bid to safeguard the credibility of the Cypriot Stock Exchange (CSE).

CYSEC examined the issue in the wake of reports leaked to the press that Fitch will downgrade the Cypriot economy on Tuesday, which resulted in heavy losses in the CSE, which in Friday`s session dropped by 4.77% to 782.47 points, with bank shares recording big losses.

“We examined the issue and we believe that we must do our utmost to expedite the decision by Fitch to preserve the credibility of the market,“ CYSEC Chairman Giorgos Charalambous told CNA, adding however, that today is a bank holiday in the UK.

“We are exploring all possibilities to achieve this,“ he added, noting the leaked to the press reports create uncertainty in the market.