Bank of Cyprus to Cut Lending Rates

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Good news is on the way to customers who have home loans with the Bank of Cyprus.
 

The Bank of Cyprus has announced that it will be cutting its lending rate between 0.75% and 1.25% for existing customers over a range of its loans.

 
The rate cut will come into effect on 17th August 2009 when the bank will cut its base rate from 4.25% to 3.50%.

 
Residents of Cyprus who are existing borrowers with the bank will have the option to switch to the new rate without incurring any charges.

 
The cut follows a reduction of 1% announced in mid May. The bank has said that it hopes to make further cuts in future months.
 

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