FinMin: Room to narrow gap between deposit and lending rates

08:55 - 14 September 2023

Economy

Finance Minister Makis Keravnos reiterated his view that there is room for narrowing the gap between deposit and lending rates, during a meeting with the Association of Cyprus Banks.

In a joint statement after the meeting, they said it was held in a very positive and constructive atmosphere, with the two sides reaffirming their common commitment towards economic growth and social welfare within the supervisory, regulatory and regulatory framework, as well as fiscal capabilities.

The banks analysed the plans they are currently implementing, assuring Keravnos that they are ready to assist government initiatives to further support or relieve the society from the current economic pressures. At the same time, they highlighted the joint effort and cooperation for the implementation of the forthcoming Rent versus Installment scheme.

On behalf of the Government, the Finance Minister reiterated his position that he sees room for narrowing the gap between deposit and lending rates, while referring to recent positive moves in this direction and the provision of basic banking services at reduced costs for the benefit of households, businesses and citizens.

At the same time, there was recognition that the period ahead is characterised by uncertainty and various challenges, and on this basis the economy will be on solid ground only through dialogue and best practices.

They concluded saying they will seek even more regular and productive meetings to review the state of the economy and take appropriate measures at the right time.

FinMin: Room to narrow gap between deposit and lending rates

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