Government pleased with interest rate reductions

The Government on Monday expressed its satisfaction over the decision taken by the Cyprus Central Bank on interest rate cuts.

The decision for cuts on deposit rates, according to the Government, will without doubt lead to the reduction of lending rates.

Deputy Government Spokesman Victoras Papadopoulos said in a written statement that reduction of lending rates was a priority set by the Government for 2015 and recalled that the issue was discussed recently in a meeting between President Nicos Anastasiades and Central Bank Governor Chrystalla Georghadji.

The Government, Deputy Spokesman said, believes that following the announcements by the Cooperative sector for 1% interest rate reduction on housing loans, today`s decision by the Central Bank is a positive step for further reduction of lending rates in Cyprus so that economy returns to growth the soonest and consequences of the crisis on households and businesses are reversed.