President calls for lower interest rates

President Nicos Anastasiades has said interest rates in Cyprus must be reduced further to converge with the European standards.

He said that despite recent reductions, the average interest rate in Cyprus remains well above the European average.

"The convergence of the country’s interest rates with European standards should be a goal that we must achieve as quickly as possible if we want to talk about an economy that is competing equally in the European environment," Anastasiades told the 1st international conference held by the Coops in Limassol, under the title ‘Coops for you, bringing people together’.

Source: Famagusta Gazette