The CCB depositors’ panic relief led yesterday to less deposit withdrawals compared to previous days.
The reasons originate in two moves: the procedures expected to be initiated by the Government and the measures taken by the CCB. The Minister of Finance, Harris Georgiades, announced on Friday that he will make arrangements to shore up confidence in deposits. Information refers to the issue of a sovereign bond as to be deposited in the Co-op. From Friday up until yesterday there was no official announcement on how this would be achieved. The Finance Ministry is looking at various scenarios, while an announcement is expected shortly.
The second reason is that since yesterday it is harder to break certificates of deposit at the Co-op.
Speaking yesterday on TV channels, the head of Strategy and Communications Service of the CCB, Yiannos Stavrinides, said that instructions were given based on which it is harder for clients to break certificates of deposit with a fixed maturity date.
However, in cases of need, such as humanitarian reasons, health issues, repayment of loans, purchase of property, or other specific operations, then permission will be granted upon presentation of supporting documents.
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