Cyprus holds rates

The Central Bank of Cyprus decided to leave its benchmark rate at 4.5% on Monday.

The interest rate on the marginal lending and overnight deposit facilities remained 5% and 3% respectively.

The central bank said inflation had accelerated slightly to 2.43% for July, which it blamed on rising oil and food prices, and a rise in the money supply due to private-sector borrowing. The central bank said this borrowing was "a major cause of concern" because it was leading to higher property prices and

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