The Republic of Cyprus bears a significant cost in terms of the current prevailing policy of the European Central Bank for the imposition of negative interest rates since according to the latest report of the Audit Office on the audit of the General Accounting Office, the Republic only for in the years 2018 to 2019 paid a total of 13.6 million euros as a result of negative interest rates for payments to the Central Bank of Cyprus (CBC).
The Audit Office is sounding the alarm bell regarding Provident Funds or surpluses from general government entities in relation to negative interest rates. According to the report, the Ministry of Finance and the General Accountant informed the Audit Office that the investment decisions are borne exclusively by the competent bodies, namely the Management Committee for Provident Funds and the respective Board of Directors for Legal Entities under Public Law. are responsible for complying with the relevant Laws and Directives.
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