Borrowers need protection and support
Statement by AKEL C.C. member Vakis Charalambous
15 January 2024, AKEL C.C. Press Office, Nicosia
The cost of borrowing continues to rise sharply, putting enormous income pressure on households and small and medium-sized enterprises.
Cyprus continues to record very large increases, particularly in mortgage rates, despite the stabilisation which has been imposed by the European Central Bank.
The assumptions made by the Finance Minister in an interview yesterday about the looming duration of high interest rates are not enough. In the face of the problems, what is needed are not remarks, but substantive proposals and solutions.
The economy needs shielding against the risks of rising Non Performing Loans and borrowers need protection and support.
AKEL insists on the proposals it has already tabled for:
- Elaboration of a comprehensive and targeted subsidy of interest rates scheme that should cover all those in need.
- Restoration of the housing interest rate subsidy for young couples.
- The taxation of windfall profits to support households.
15.01.2024
