Minister of Finance satisfied with Russian deposits in Cypriot banks

Minister of Finance Charilaos Stavrakis has expressed satisfaction with the increase of Russian deposits in Cypriot banks. In statements on the sidelines of the Cyprus Export Award Ceremony for 2007, Stavrakis noted that the latest official data by the Central Bank of Cyprus indicate an increase of Russian deposits in Cyprus.
“This is a very pleasant development which confirms the policy we follow at the Ministry of Finance to attract investments, capital and deposits from Russia,” he pointed out.
The Minister went on to add that at the same time, due to the economic crisis, Russian deposits are being withdrawn from other competitive countries, and explained that “this means that Cyprus wins more deposits which are lost from other countries.”
“The market share,” he said, “of the Cypriot banking system for Russian deposits, is recording an important increase.”
Replying to questions, the Minister said that Cypriot banks began to lower their loan rates. He expressed the view that by the end of the year deposit rates will fall to 2% and loan rates to 4%.