Cyprus holds rates in spite of inflation fears

The Central Bank of Cyprus's rate-setting board voted on Monday to keep its overnight deposit rate at 4.5% despite rising inflation.

The rate-setting board said that the climb in inflation, from 2.6% in September to 3% in October, failed to warrant a rate hike.

The central bank said that loans fuelling construction spending and consumption were "a major cause for concern" because of the resulting hike in real estate prices and widening of the trade deficit.

The central bank said that its

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