President Christodoulides announced banking reforms and housing policy updates at today’s final cabinet meeting of 2024, with the next session scheduled for 3 January 2025.
Following meetings with Bank of Cyprus and Hellenic Bank CEOs, major announcements are expected by week’s end focusing on fee reductions and interest rate adjustments. The measures will particularly benefit loyal borrowers, pensioners, young people seeking housing, small businesses, and residents of remote and mountain areas.
The president also announced that banks will implement free direct transfers between institutions by mid-2025.
The cabinet approved revised income criteria for housing schemes under the Welfare Service, expanding eligibility particularly for young displaced persons. The changes address requests from the Pancyprian Refugee Association and other organised groups.
Discussion included progress on the fifth instalment of the Recovery and Resilience Fund, with focus on completing prerequisites for submission to the European Commission.
Christodoulides highlighted the government’s second budget, characterised by a surplus and strong emphasis on digital and green transition. The finance minister is expected to make statements following tonight’s anticipated budget approval.
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