Cypriot interest rates 'will soon fall' - Sign up to our mailing list
best live chat
Quick Quote
  • (inc. country & area code)
  • Please note this service is only available during London office hours. If your call is urgent we will endeavour to get back to you at the earliest possible opportunity.
  • This field is for validation purposes and should be left unchanged.

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.

Expatriate Healthcare specialise in providing international health insurance. Make sure you’re protected.ADNFCR-1788-ID-19095852-ADNFCR

Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Email this to someone
South AmericaNorth AmericaAfricaAustralia & New ZealandAsiaEurope