Finance Minister Makis Keravnos on Friday expressed satisfaction with the European Central Bank’s (ECB) decision to further reduce key interest rates by 0.25 per cent.

In a written statement, Keravnos described the move as a positive development for the European economy, especially during the current economic climate.

He also mentioned that the decision also reflects trends in the Cypriot economy, citing an inflation rate of 1.8 per cent in 2024.

“The Finance Minister expects Cypriot banks to promptly respond to this decision and implement corresponding reductions in their interest rates without delay,” he said.

“This was, after all, one of the commitments made by banks during recent meetings with the minister,” the statement concluded.