Eurobank Cyprus announced on Friday that it is terminating negative interest rates on deposits held by legal entities.
The decision will come into effect on October 1, 2022.
“The decision has been taken following the recent European Central Bank (“ECB”) decisions to raise the key ECB interest rates,” the bank said.
With inflation in the E.U. approaching double-digit territory, the ECB delivered two oversized rate hikes in July and September and promised even more action as even long-term price growth expectations are now moving above its 2% target.