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26 September, 2023
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Herodotus to banks on restructuring, interest rates and transparency in charges

Today, the Governor of the CBC met with the heads of the country's licensed credit institutions

The Governor of the Central Bank, Constantinos Herodotou, emphasized to the Senior Executive Directors of licensed credit institutions the importance of the timely provision of viable restructurings, as well as the assessment of their data regarding the level of their deposit rates.

According to a CBC announcement, Mr. Herodotou met today with the management of the country's licensed credit institutions, with whom he discussed critical issues affecting the Cypriot banking system, such as the timely provision of viable restructuring to borrowers and the level of deposit rates.

"The Governor of the CBC stressed once again to the management of banking institutions the importance of the timely provision of viable restructurings, as this will benefit the economy as a whole," the CBC said, adding that he also mentioned the importance of transparency in bank charges.

Furthermore, he urged banks to conduct an assessment of their data on the level of their deposit rates as soon as possible.

Banks were also briefed on the CBI's initiative projects related to non-performing loans (NPLs) and digital onboarding for the banking system, according to the CBI.

Furthermore, the discussion began with an examination of the issues arising from the changing international financial environment, as well as any additional preventive measures to ensure the domestic banking sector's and the Cypriot economy's continued financial stability.

According to the CBC, the meeting was held in a constructive atmosphere, as Mr. Herodotou stated, and the resilience of the banking system was confirmed.

[This article was translated from its Greek original and source from CNA]

Cyprus  |  banks  |  economy

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