The Central Bank of Cyprus announced lowering its interest rates by 1 percent as of March 1, 2015. The reduction will apply to all loans connected to the bank’s basic interest rate, both serviced and non-performing.
In a statement, the bank listed the rates to which the reduction will apply. Namely, its basic interest rate will fall from 5.25 to 4.25 per cent; basic rate on business loans and business overdrafts to 3.25 per cent; basic rate on housing loans to 2.65 per cent; and basic rate on housing loans.
