The Central Bank of Cyprus (CBC) decided to leave the countercyclical buffer (CCyB) rate unchanged at 1%, with effect as from 2 June 2024, according to a press release published on Friday.

The CBC, in accordance with the provisions of the Macroprudential Oversight of Institutions Laws of 2015 to 2022, deemed appropriate to maintain the CCyB rate at 1%, which is the rate adopted as per the latest decision of the CBC dated 2 June 2023. The said rate is effective as from 2 June 2024.

The current applicable CCyB rate is at 0%. In a decision made on December 2022 and reaffirmed on April 2023, CBC decided to raise the CCyB rate to 0.5%, as from 30 November 2023, with the rate rising to 1% on June 2nd, 2024.