Bank of Cyprus announced Friday it would cut its ECB-linked base lending rate to 2.90% from 3.15%, effective from 5 February 2025, following the European Central Bank’s recent monetary policy decision.
The 0.25% reduction is expected to benefit approximately 12,000 borrowers through lower monthly repayments. The bank’s base rate has fallen by 1.6% since June 2024, dropping from 4.50% to 2.90%.
An additional 8,000 borrowers with Euribor-linked loans are already experiencing rate relief, as the Euribor has declined from 4.14% in October 2023 to 2.59%.
ECB data shows that household lending rates in Cyprus decreased by 0.84% between January and November 2024, more than double the EU average reduction of 0.40%.
Bank of Cyprus reaffirmed its commitment to supporting the economy, households and businesses by offering financing solutions with competitive rates and attractive terms.
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