Cyprus Mail

State deposits some of its cash in three local banks

The Presidential Palace

The cabinet decided on Wednesday to deposit part of the state’s available liquid funds to three Cypriot banks: the Bank of Cyprus, the Hellenic Bank and the Cooperative Bank with an unspecified interest rate.

Speaking after the meeting Deputy Government Spokesman, Victoras Papadopoulos, said the liquid fundsof the state were, until now, deposited at the Central Bank with zero interest rate.

“It is an act of tangible support for the banks and a manifestation of the confidence of the Cyprus Government in them,” he said.



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