The Board of the Central Bank of Cyprus (CBC), at its meeting today, decided to reduce the maximum deposit rate, as this is determined by the formula for the calculation of additional capital requirements of banks, by one percentage point.
The CBC, having regard also to the consultations held between the Governor and representatives of the banks, is confident that credit institutions will proceed with corresponding reductions in lending rates without delay.
The CBC will closely monitor the progress with regard to the movement of lending rates and, if necessary, will consider taking additional measures in the future.