Central Bank of Cyprus Confirms 1% Deposit Rate Cut
The Central Bank of Cyprus has announced a reduction on its deposit rates by one percent, calling on all credit institutions to follow suit and reduce lending rates.
The decision was taken by the Board of Directors of the Central Bank, which convened on Monday.
According to an official statement, the Central Bank will be monitoring the outcome of the new rate cuts and further adjust its rates should this be deemed necessary.
The Co-operative sector has already revealed its intention to reduce interest rates on housing loans by 1%, as of March 1, a development announced on Friday.
Source: goldnews – CBC Confirms 1% Deposit Rate Cut
