The Minister of Finance, Makis Keravnos, has sent new messages about the de-escalation of interest rates, emphasizing that "the current conditions cannot continue indefinitely."

In the context of joint statements with OEB President Antonis Antoniou before the meeting with Federation representatives, Mr. Keravnos was asked about the upcoming ECB meeting, which is expected to decide on reducing its key interest rates and what will happen in relation to interest rates in Cyprus.

"We are in constant dialogue with the Association of Banks and our banks and I always say and repeat that they must also take their responsibilities as derived from the corporate governance that every large organization must have," he said.

He stressed that banks "need to regain their role in financing Cypriot businesses so that we can continue all the plans and statements we make. They need to compare what is generally happening in the European banking system, and the current conditions cannot continue indefinitely."

In his statements, Mr. Keravnos praised Cypriot businesses and especially Cypriot entrepreneurs who "have always been pioneers and were the ones who sustained the Cypriot economy after every disaster and every crisis, especially after the 1974 disaster."

Today, he added, "I am here to listen to Cypriot entrepreneurs, to understand their vision for the development of our economy, for the development of their businesses, and their intentions."

At this moment, as the Minister of Finance within the framework of the general governmental policy, he noted, "we need to make plans that strengthen and complement our economic model, so that on the one hand we maintain the growth rates of the economy, and on the other hand, we see Cypriot entrepreneurs cooperating within the broader European framework that is being created, collaborating with foreign companies to create productive units in our country, developing infrastructures in new technology sectors within the context of the green transition, and creating rewarding jobs for our young people and graduates."

When asked if there are any thoughts on the part of the Ministry of Finance to provide incentives in this direction, Mr. Keravnos said there are thoughts and incentives, adding that "the issue is to jointly decide and move forward together towards a level of re-developing Cypriot businesses."

When asked if there will be an extension of existing incentives or their reformation under the current conditions, the Minister of Finance said that all these issues will arise after the discussion and mainly after hearing from the Cypriot entrepreneurs.

Finally, responding to a question about whether the proposals presented by parties regarding the economy are being considered, Mr. Keravnos stated that the Ministry "always has open ears and examines everything within the framework of a prudent fiscal policy and within the European general framework, without making experiments."

On his part, OEB President Antonis Antoniou welcomed the special interest shown by the Minister of Finance for Cypriot businesses from the primary sector to industry and startups.

"And I hope that today he will hear from all the representatives of the various sectors, their needs and concerns, and help us cope," he concluded.