President of the Republic Nikos Christodoulides said on Wednesday that banks will make announcements before the end of the week on charges and interest rates, focusing on specific categories of the population.

Speaking to the members of the Council of Ministers before the cabinet's meeting, he also noted that within the next six months, in mid-2025, banks will be proceeding with the implementation of direct transfers between all banks, without any charges whatsoever.

Addressing the members of the Council of Ministers, the President of the Republic said that, following Monday's meeting with the CEOs of the Cyprus and Hellenic banks, "today in a new meeting we were informed about the announcements that the banks will make before the end of the week, announcements that are based on two aspects, on charges and on interest rates, focusing on specific categories of the population."

First, he said, "on consistent borrowers, secondly on retirees, thirdly on young people, especially with regard to housing, in addition to the seven plans we announced, as well as on small businesses and with regard to remote and mountainous areas."

 Minister of Finance Makis Keravnos said in statements that banks will review some of their charges to alleviate some of the problems faced by vulnerable groups of the population, such as the elderly, pensioners and young people, and will make detailed announcements before the end of the week.

Those announcement, he added, will positively affect “several thousands” of citizens.

The Finance Minister was speaking after the second meeting this week between President of the Republic Nikos Christodoulides and the CEOs of the Cyprus and Hellenic Banks.

In statements after the meeting this morning, which lasted for more than an hour, and took place in his presence, Keravnos said that the banks' upcoming actions will benefit "several thousandsof " citizens and welcomed the conclusion of the dialogue with the banks, which is a dialogue, as he said, that "is on an ongoing basis because this is how it should be done with all stakeholders and especially the economic stakeholders of this country, by continuing the responsible economic government policy".

Referring to the outcome of the meeting, Keravnos said that "benefits arise" for the entire economy, for those who make savings, for small businesses, thus creating the prospects for good steps that will be in the right direction for the economy.