Cypriot interest rates 'will soon fall' -
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Cypriot interest rates 'will soon fall'

Interest rates in Cyprus are set to fall says the Bank of Cyprus’ governor, Athanasios Orphanides.

If rates were to fall, the cost of borrowing for expatriates may also drop, but any income they have from savings they have deposited in local banks may fall too.

Mr Orphanides said there had already been reductions in specific commercial bank products and loan interest rates, and he expected to see "further significant reductions in loan interest rates in time".

The European Central Bank (ECB) recently cut its interest rate by half a percentage point, which if repeated could further drive down the rate in Cyprus.

Following the last reduction, Jean-Claude Trichet, president of the ECB, said demand would remain weak in 2009, however "over the course of 2010, the economy is expected to gradually recover".

Cyprus has been a popular holiday and expatriate destination for many years – more recently expatriates have ventured into the Turkish side of the island in search of property bargains.

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