Banks on Wednesday announced the suspension of foreclosure procedures for three months in a bid to help people affected from the fallout of the coronavirus crisis.
The suspension will be in place until June 18, the bank association said in a statement.
“Recognising the difficult situation, the country is going through, Cyprus banks will do whatever possible to support the economy, businesses, households, and society in general,” the statement said.
Earlier, Finance Minister Constantinos Petrides announced that the state-owned asset management company Kedipes was suspending foreclosures for three months.
The government has also proposed to the energy regulator to cut the price of electricity by 10 per cent for three months.
The proposal is among measures to help the public deal with the financial fallout of the coronavirus crisis.
The cabinet on Wednesday approved a raft of bills, including a reduction in VAT and suspension of health insurance contributions as part of a €700m package announced by the government on Sunday to tackle the fallout of the ongoing crisis.
It includes reducing of the standard VAT rate to 17 per cent from 19 per cent for two months starting April 1, and the rate imposed on accommodation from 9 per cent to seven per cent for three and a half months.
The cabinet also approved the temporary suspension of a raise in national health scheme contributions for two months starting April 1.