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Central Bank of Cyprus orders lowering of bank rates

Xinhua, February 17, 2015 Adjust font size:

The Central Bank of Cyprus (CBC) ordered banks on Monday to lower their rates by one percentage point.

A CBC statement said its governing board decided to change downwards the maximum deposits rate by one percentage point and urged banking institutions to reduce their lending rates by as much.

"The Central Bank will be closely following the trends in lending rates and it will decide on additional measures if needed," the CBC statement added.

The Cypriot economy has been in recession for 14 quarters in a row but is expected to return to a modest positive growth this year. Endit