Finance Minister welcomes banks decision not to compound interest during loan deferment period

Finance Minister Constantinos Petrides said on Friday that the decision of Cyprus’ banks not to compound interest during the nine-month loan deferment period announced by the government, was “expected and necessary”.  
 
“Banks will not charge compound interest at a time when the suspension of installments and interest has been legally imposed. What was expected and necessary was done,” Petrides said in a tweet after an announcement issued by the Association of Cyprus Bank’s (ACB).

(CNA)

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from Cyprus News Agency
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