Depositors lose, not win from interest rates

21-6-2019 In-Cyprus In-Cyprus Cool

Depositors lose, not win from interest rates

Depositors are not winning but actually losing from interest rate returns that are close to zero in warning statements. In bonds – and according to their amount – the interest rate does not exceed 1%. But while deposit rates have fallen below 1%, the defense tax on interest on deposits is further burdening depositors.

With 30% tax on deposits’ interest from the very first euro, the net interest rate in Cyprus is further declining. At a time when the levy on the island’s fledgling National Health Scheme has also been introduced.

In this new banking era for Cyprus...

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This article was automatically added to our system 21-6-2019

Depositors lose, not win from interest rates

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