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Borrowers call for halt to planned hike in bank charges

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The Bank of Cyprus Borrowers Association (Syprodat) on Monday called for an immediate reaction from the central bank and from parliament over plans by the commercial banks to hike their customer charges in the new year.

In a statement, the association said the move was “unacceptable and provocative” because the charges will be borne by borrowers, “the majority of whom have suffered a reduction in income or live on government allowances due to the pandemic”.

It advises borrowers to respond to letters they have received from the banks and say they do not accept the increases and that they reserve their rights.

The association said the action of the banks is even more provocative as “they themselves admit that the increase in charges is being done to cover the loss of bank income due to the low interest rates that currently prevail”.

The group plans to prepare a complaint to the Commissioner for the Protection of Competition.

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