The Basic Features Payment Account shields consumers from increases in bank charges, the Central Bank of Cyprus (CBC) said in a statement regarding the issue of bank charges.
On the occasion of a meeting of the Parliamentary Committee on Energy, Commerce, Industry and Tourism held on 4 January 2022 which was attended by the Governor of the CBC, it is noted that the possibility to intervene in the charges of credit institutions provided by the laws of the state concerns only one type of bank account, which is called 'Payment Account with Basic Features' (PPA) in the relevant law.
The CBC has already made use of the above possibility, having reportedly conducted the relevant study in 2019 and made a recommendation to the Ministry of Finance in February 2020, l
(CNA)
CNA
Contents of this article including associated images are owned by CNA
Views & opinions expressed are those of the author and/or CNA
Source
