Banks are reported to be considering slashing their lending interest rates after a meeting with the Central Bank chief.

Central Bank governor Panicos Demetriades met with officials of commercial banks to discuss interest rates and the reduction of restructuring costs.

The meeting also focused on the handling of non-performing loans.

A statement issued after the meeting said that banks aknowleged the need to lower their lending rates given the difficult current economic situation. No timetable for any possible reductions was given.

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