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20 June, 2024
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Cyprus Central Bank holds 1% buffer rate to safeguard banks

CBC ensures financial stability amid economic changes

Source: CNA

The Central Bank of Cyprus (CBC) has maintained the countercyclical buffer (CCyB) rate to be observed by commercial banks at 1%, with effect as of June 2, 2024.

“The CBC, by the provisions of the Macroprudential Oversight of Institutions Laws of 2015 to 2022, deemed appropriate to maintain the countercyclical buffer (CCyB) rate at 1%, effective as from 2 June 2024 and adopted as per the latest decision of the CBC dated 2 June 2023,” a press release issued by the CBC said.

The banking regulator also said that by the above decision as well as with prior decisions on the matter, the countercyclical buffer rate that is effective as of 30 November 2023 is 0.5% and as of 2 June 2024 is increased further to 1.0%.

Cyprus  |  banks  |  economy

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