Cyprus interest rates will soon fall, says governor
By James Roberts

Cyprus interest rates will soon fall, says governor

The governor of the central bank of Cyprus, Athanasios Orphanides, has said that lending rates will soon come down in the country.

Such a change could help drop the cost of mortgages for those keen to buy property on the island.

Speaking to a press conference this week, Mr Orphanides said: "We have already seen reductions in specific commercial bank products and loan interest rates and I expect further significant reductions in loan interest rates in time."

This could be partly fuelled by the actions of the European Central Bank (ECB), which has cut its own rate recently, he noted.

Last month saw the governing council of the ECB - of which Mr Orphanides is a member - trim 0.5 per cent off its rates.

The next meeting of the council will be on April 2nd, when it will decide if another reduction is warranted.

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