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BoC to cut interest rates  

Bank of Cyprus (BoC) announced it would be lowering its debit interest base rates by 0.25 per cent starting on Monday.

BoC said it was lowering its base rate from 5.25 per cent to 5.0 per cent, its housing loan rate to 3.25 per cent from 3.50 per cent, and its business loan rate from 4.25 per cent to 4.0 per cent.

“Customers will directly benefit from the Base Rate reduction as it will be applied to 38,000 housing loans, 77,000 current accounts and 200,000 other personal/business loans,” the lender said.

The decision was part of the bank’s commitment to support and strengthen the island’s economy.

The announcement came two days after the bank, forced to seize clients’ deposits to recapitalise last year, raised €1.0 billion in fresh capital.

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