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17 July, 2024
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Keravnos continues to call on banks to slash interest rates

Cyprus' Finance Minister calls for urgent action as European Central Bank prepares for potential rate cuts

Newsroom / CNA

Finance Minister, Makis Keravnos, called on local banks to slash interest rates, emphasizing the urgency for change in the financial landscape. Keravnos's remarks come just before the European Central Bank's Governing Council convenes, widely anticipated to announce a cut in its benchmark interest rates, marking the first such reduction since September 2019.

Addressing queries about the outlook for interest rates in Cyprus, Keravnos noted ongoing discussions with the Association of Cyprus Banks. He stressed the imperative for banks to take ownership of their responsibilities rooted in corporate governance.

"The banks need to reassume their pivotal role in funding Cypriot enterprises," Keravnos asserted during a joint statement alongside Antonis Antoniou, President of the Federation of Employers and Industrialists. He underscored the necessity for banks to benchmark against broader European banking norms, signaling dissatisfaction with the prevailing financial landscape.

Ahead of a meeting with senior representatives from the Federation, Keravnos lauded Cypriot businesses, particularly entrepreneurs, for their resilience in supporting the economy during challenging times. He expressed eagerness to engage with the Federation to glean insights into their vision for fostering economic growth.

Keravnos emphasized the significance of the Federation's perspectives within the Ministry's overarching strategies, outlining a commitment to fortifying Cyprus's economic model. He stressed the importance of maintaining economic growth while aligning Cypriot businesses with the broader European framework.

Cyprus  |  banks  |  finance

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