The Ministry of Finance, in a statement issued regarding the bank charges, said that these were included in the relevant decrees of the Minister of Finance based on a study by the Central Bank of Cyprus, which took into account national income levels, the average fees charged by credit institutions in Cyprus for services provided in relation to payment accounts as well as practices in other member states.
More specifically, in its statement, the Ministry said that the Minister of Finance, exercising his powers under the Comparability of Fees, Payment Account Switching and Access to Payment Accounts Law of 2017 (Law 64(I)/2017), issued Decrees, which came into force on 2/11/2020, on the determination of reasonable fees for accounts with basic features.
(CNA)
CYP
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