According to Finance Minister Makis Keravnos, Cyprus’s banks are expected to announce interest rate and fee reductions by the end of this week. These measures will target specific population groups and loan categories.

The Finance Minister estimated that the interest rate reductions would be around 1%. Keravnos stated that the announcements would include reduced interest rates and fees aimed at benefiting certain groups, such as retirees and young couples.

Keravnos also noted that the concerns of residents in mountainous and remote areas regarding the closure of bank branches have been acknowledged. To address this, automated teller machines (ATMs) will be installed in these communities. These ATMs will serve all bank customers without any transaction fees.

The Finance Minister described the upcoming announcements by the banks as "an important step, anticipated by both society and the government."

Commenting on recent announcements by Greek Prime Minister Kyriakos Mitsotakis about reducing or eliminating bank charges in Greece, Keravnos emphasized that direct comparisons with Cyprus’s banking sector are not entirely applicable. Many of the measures announced in Greece, he said, are already in place in Cyprus.

Keravnos also highlighted that money transfers, both domestic and international, must be carried out immediately and without fees, in accordance with a European directive expected to be implemented in Cyprus by the end of April.