30/04/2004 13:31
The Monetary Policy Committee of the Central Bank of Cyprus decided on Monday to increase the key borrowing and deposit rates (Lombard at 5.5% and deposit facility rate at 3.5%) by 1%.
According to the Monetary Committee announcement voiced by the Central Bank Governor, Christodoulos Christodoulou, the increase in interest rates “sends a powerful message of support of the Cyprus pound against the ungrounded rumours for devaluation. With this decision, The Cyprus interest rates will become more attractive and will affect positively the attraction of capital from overseas”.
The MPC decision was taken in view of the full lifting of restrictions in the capital movement as from May 1.
According to the Monetary Committee announcement voiced by the Central Bank Governor, Christodoulos Christodoulou, the increase in interest rates “sends a powerful message of support of the Cyprus pound against the ungrounded rumours for devaluation. With this decision, The Cyprus interest rates will become more attractive and will affect positively the attraction of capital from overseas”.
The MPC decision was taken in view of the full lifting of restrictions in the capital movement as from May 1.
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