Banking
Business credit set to benefit
The de-escalation of lending rates, but also of interest rates on deposits by commercial banks, is expected to be slow, as banks await the next moves by the European Central Bank to determine their pricing policy.
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Cypriot banks’ record profits
Cypriot banks are maintaining a low profile, but 2024 will likely bring higher profits than the record-breaking figures of 2023.
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Deposit rate spread closed in Cyprus
Interest rates for deposits by households and corporations in Cyprus converged and matched in March, from having a spread of 55 basis points in February, according to data released by the Central Bank of Cyprus.
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Interest rate spread has widened further
The interest rate spread between new deposits and loans widened to 5.71 percentage points in March, according to Bank of Greece data.
The weighted average interest rate on new deposits remained unchanged at 0.53%, while the corresponding interest rate on new loans increased by 47 basis points to 6.24%.
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Cyprus caps rates at 11.42%
The Central Bank of Cyprus has determined the maximum interest rate for lending in the country to be 11.42%, exercising its powers under the Cyprus Penal Code.
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Deposit rates climb higher after Central Bank’s move
Turkish banks have hiked their deposit rates and loan rates after the Central Bank, in a surprise move, increased the policy rate by 500 basis points to 50 percent last week.
The average return on three-month lira deposits rose to 55.66 percent. The three-month deposit rate was around 28 percent almost a year ago.
Taxman online with banks
Millions of bank accounts of taxpayers and companies will soon be targeted by the tax authorities, with the use of the new system which will scan all their movements.
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Interest rate reduction on mortgage loans
Banks are responding to the climate of caution among households as regards taking out a loan with new cuts in mortgage rates, in a bid to spark the interest of potential new buyers. They are also extending, until the end of the year, the interest rate freeze in force since last May for existing borrowers.
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EU Adopts Instant Euro Transfers: Funds Arrive in Seconds
The European Parliament has given the green light to new regulations that promise to revolutionize money transfers across the EU. MEPs voted in favor of rules ensuring that funds transferred between bank accounts arrive swiftly, with the added assurance of robust fraud detection measures.
Payment Technologies Revolutionizing the Casino Landscape
In the dynamic realm of iGaming, the traditional landscape of payment methods is undergoing a huge transformation. The antiquated visits to banks have evolved into e-wallets and infrequent occurrences. The once-venerable bank wire and cheques now seem relics of a bygone era.