Cyprus Central Bank announces cuts on deposit rate

The Central Bank of Cyprus on Monday announced reduction on highest deposit rate by one percent, calling on all credit institutions to reduce their lending rates as well.

The decision was made by the Board of Directors of the Central Bank which convened earlier today, taking into consideration the consultations Central Bank Governor Chrystalla Georghadji had the previous days.

According to the announcement, the Central Bank will be monitoring the situation and if needed it will take further decisions on rates.

The Cooperative sector already announced a 1% interest rate reduction on housing loans.
CNA/MK/KCH/GCH 2015
ENDS, CYPRUS NEWS AGENCY