President announces fee-free direct transfers from mid-2025 following meeting with bank CEOs

11:08 - 18 December 2024

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Financial Services Reporter

Announcements from banks are anticipated before the end of the week, and which will be based on two axes, President Nikos Christodoulides has revealed, following his new meeting with the CEOs of the Bank of Cyprus, Panicos Nicolaou, and the Hellenic Bank, Michalis Louis.

More specifically, at the start of the 18 December session of the Council of Ministers, Christodoulides stated that "following Monday's meeting with the CEOs of the Cypriot and Greek banks, today in a new meeting we were informed about the announcements that the banks will make before the end of the week, announcements that are based on two axes, on charges and on interest rates, with a focus on specific categories of the population."

First, he explained, to consistent borrowers, second, to retirees, third, to young people, especially with regard to housing, in addition to the seven plans we announced, as well as to small businesses and with regard to remote and mountainous areas.

"We were informed that within the next six months, in mid-2025, banks are moving towards making direct transfers between all banks without any charges whatsoever, which is particularly important," he added.

(Source: InBusinessNews)

President announces fee-free direct transfers from mid-2025 following meeting with bank CEOs

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