CBC maintains countercyclical buffer rate at 1 per cent for 2024

The Central Bank of Cyprus (CBC) has decided to maintain the countercyclical buffer rate at 1 per cent, with effect from June 2, 2024.

According to a statement by the CBC, “in accordance with the Macroprudential Supervision of Institutions Laws from 2015 to 2022, it deemed it appropriate to keep the countercyclical buffer (CCyB) rate at 1 per cent, effective from June 2, 2024”.

This rate was adopted based on the CBC’s latest decision dated June 2, 2023.

“Based on the above decision as well as previous decisions on the same matter, the countercyclical buffer rate applied from November 30, 2023, is 0.5 per cent, and it further increases to 1 per cent from June 2, 2024,” the statement concluded.