State deposits some of its cash in three local banks

The cabinet decided on Wednesday to deposit part of the state’s available liquid funds to three Cypriot banks: the Bank of Cyprus, the Hellenic Bank and the Cooperative Bank with an unspecified interest rate.

Speaking after the meeting Deputy Government Spokesman, Victoras Papadopoulos, said the liquid fundsof the state were, until now, deposited at the Central Bank with zero interest rate.

“It is an act of tangible support for the banks and a manifestation of the confidence of the Cyprus Government in them,” he said.

 

 

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.