The new upgrade of the Cypriot economy by Fitch Ratings is a vote of confidence in the Cypriot economy, President of the Republic Nikos Christodoulides said on Saturday.

Fitch Ratings has upgraded Cyprus's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BBB+' from 'BBB' with a Positive outlook.

At the same time, he added, it indicates the economy is on a steady growth trajectory.

In a written statement, the President notes that "the new upgrade of the Cypriot economy by Fitch Ratings, which comes in addition to the successive upgrades of the last 15 months, confirms the fact that the Cypriot economy is on a stable growth trajectory with a dynamic course".

It is at the same time, he said, "a vote of confidence in the Cypriot economy and recognition of the prudent policy we are following.

Responsibly and away from populist approaches", he added, "we will continue, with the same dedication and strategic planning, to implement policies based on fiscal responsibility, a stable financial system and continuous reforms".

He noted that "thanks to this positive course of the economy and the fiscal capacity of the state, we can implement targeted interventions to support households, vulnerable groups of the population, the middle class and businesses".