Press: Back to dollar for borrowing in foreign currency
2/10/2002 8:41
The major issues that dominate today’s financial press are Cypriots’ return to dollar for borrowing in foreign currency during the first six months of 2002 – unlike 2001, when euro was first in preference by 80% - and the introduction of Consumers Administrator to fight the phenomenon of profiteering in Cyprus.
The “Economic” inset of newspaper “Alithia” under the title “Back to dollar for borrowing in foreign currency on 2002” mentions that during the first six months of 2002, euro was fourth in preference, as far as borrowing in foreign currency is concerned. On the contrary, in 2001 euro was first in preference by 80%. According to Central Bank’s Monetary Policy report, loan grants to Cypriot citizens in foreign currency have slightly increased in July reaching CYP 14.8 million compared to a drop to CYP 13 million in June and an increase to CYP 13.4 million in May. In August, foreign borrowing decreased by CYP 25,5 million.
According to the same report, all the data relating to Cypriots’ long-term borrowing in foreign currency for the first six months of the year clearly confirm the return to foreign currencies – such as dollars, Swiss francs and Japanese yens – except euro. Consequently, loans in euro were reduced to 62.9%, while the rest is equally distributed to the aforementioned currencies.
Elsewhere, the newspaper highlights that Paul Savvides has not yet asked for a CSE’s Council extraordinary convention to discuss the recent issue relating to him.
The “Economy-Stock Exchange” inset of newspaper “Simerini” under the title “Goods’ overvaluation” mentions that members of the Parliamentary Committee of Commerce, Industry and Tourism have decided to take action against overvaluation. Specifically, the MP and president of the Committee, Lefteris Christoforou, suggested the introduction of a Consumers Administrator, which will have the right to control prices and – at the same time – to impose fines in cases of profiteering.
Elsewhere, the newspaper quotes that energy will soon have a Regulatory Authority, similar to the existing one in Telecommunications and Post Offices.
The “Economy” inset of newspaper “Phileleftheros” under the title “Increased imports-reduced exports” mentions that between January and May 2002: overall imports reached CYP 1,061.6 million compared to CYP 1,043.9 million during the same period in 2001, while, overall exports reached CYP 229.4 million compared to CYP 259.7 million during the same period in 2001. Trade deficit reached CYP 832.2 million compared to CYP 784.3 million during the same period in 2001. The report also highlights that 56% of Cyprus exports are absorbed by EU countries.
Elsewhere, the newspaper refers to the Minister of Finance, Takis Klerides, who informed the International Monetary Fund about the tax reforms in Cyprus economic policy during the last two years.
The “Economic” inset of newspaper “Alithia” under the title “Back to dollar for borrowing in foreign currency on 2002” mentions that during the first six months of 2002, euro was fourth in preference, as far as borrowing in foreign currency is concerned. On the contrary, in 2001 euro was first in preference by 80%. According to Central Bank’s Monetary Policy report, loan grants to Cypriot citizens in foreign currency have slightly increased in July reaching CYP 14.8 million compared to a drop to CYP 13 million in June and an increase to CYP 13.4 million in May. In August, foreign borrowing decreased by CYP 25,5 million.
According to the same report, all the data relating to Cypriots’ long-term borrowing in foreign currency for the first six months of the year clearly confirm the return to foreign currencies – such as dollars, Swiss francs and Japanese yens – except euro. Consequently, loans in euro were reduced to 62.9%, while the rest is equally distributed to the aforementioned currencies.
Elsewhere, the newspaper highlights that Paul Savvides has not yet asked for a CSE’s Council extraordinary convention to discuss the recent issue relating to him.
The “Economy-Stock Exchange” inset of newspaper “Simerini” under the title “Goods’ overvaluation” mentions that members of the Parliamentary Committee of Commerce, Industry and Tourism have decided to take action against overvaluation. Specifically, the MP and president of the Committee, Lefteris Christoforou, suggested the introduction of a Consumers Administrator, which will have the right to control prices and – at the same time – to impose fines in cases of profiteering.
Elsewhere, the newspaper quotes that energy will soon have a Regulatory Authority, similar to the existing one in Telecommunications and Post Offices.
The “Economy” inset of newspaper “Phileleftheros” under the title “Increased imports-reduced exports” mentions that between January and May 2002: overall imports reached CYP 1,061.6 million compared to CYP 1,043.9 million during the same period in 2001, while, overall exports reached CYP 229.4 million compared to CYP 259.7 million during the same period in 2001. Trade deficit reached CYP 832.2 million compared to CYP 784.3 million during the same period in 2001. The report also highlights that 56% of Cyprus exports are absorbed by EU countries.
Elsewhere, the newspaper refers to the Minister of Finance, Takis Klerides, who informed the International Monetary Fund about the tax reforms in Cyprus economic policy during the last two years.
3287.99
1275.09
