Cyprus Mail

Co-op bringing reason back to banking with new rate cut

By Stelios Orphanides

THE cooperative banks are “bringing reason back to banking” with their latest decision to cut interest rates for loans by as much as 200 basis points, the chairman of the Cooperative Central Bank said.

“This is the fourth decrease in interest rates we carry out and it is related to the cut in deposit rates announced by the central bank,” Nicholas Hadjiyiannis told CyBC radio on Friday.

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