Cyprus banks are enjoying soaring profits thanks to interest rate hikes by the European Central Bank (ECB). However, they are showing reluctance to support growth projects and instead prefer to deposit funds with the ECB, which offers a secure 4% return. This conservative approach is posing a challenge for policymakers who want the banks to play a role in supporting the real economy.
Hellenic Bank is offering free banking transactions and reduced fees as part of their measures to support vulnerable customers. This includes nocost online and mobile banking services, free SEPA transfers up to €5,000, decreased cashier transaction fees for those over 65, free accounts for Guaranteed Minimum Income beneficiaries, and no maintenance fee for lowincome pensioners’ savings accounts for one year.