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Finance Ministry expresses satisfaction with ECB's 0.25% key interest rates cut

14:39 - 31 January 2025

Economy Reporter

Finance Minister Makis Keravnos expressed his satisfaction with the decision of the Governing Council of the European Central Bank to further reduce key interest rates by 0.25%.

In a written statement, on 31 January, the Minister states that this is a positive development for the European economy, especially in the current economic climate, while it reflects developments in the Cypriot economy and society, taking into account the fact that inflation, within 2024, was hovering at 1.8%.

"The Minister of Finance expects that this time Cypriot banks will respond promptly to this decision and proceed to reduce their interest rates accordingly, without any time lag. Besides, this was one of the banks' commitments during the recent meetings with the Minister," the statement concludes.

(Source: CNA)

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