Finance Minister Makis Keravnos attended his first House finance committee meeting on Monday where he pressed the need for banks to tweak lending rates, reduce charges and increase deposit rates.
He further expressed the hope that this can be achieved “soon”, adding that he has raised the issues with both the governor of the central bank and commercial banks.
“I have discussed it with the governor and as the finance ministry we have made clear suggestions,” Keravnos said.
He emphasised that meetings will be held with all the banks, stating that these large institutions have a corporate social responsibility particularly towards the society which at the time of the crisis paid a heavy price for supporting it.
More details are set to emerge throughout the day, with the committee meeting amid criticism of the banks as being too slow in responding to ECB interest rate hikes.
The Cyprus Mail reported over the weekend that rates on deposits are set to increase, but this may still take a while.
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