Press: The UN peace plan and the effect on Cyprus economy
14/11/2002 9:02
Major issues of today’s financial press are the European Commission estimates over Cyprus growth rate and rate of inflation for 2002, 2003 and 2004 that coincide with the Ministry of Finance revised estimates, and the effects that a possible solution will have on Cyprus economy.
The “Economy” inset of newspaper “Phileleftheros” under the title “GDP growth at 2.2%” mentions that the latest financial report of the European Commission for the economies of the EU candidate countries coincides with the estimates of the Ministry of Finance and the revised estimates of the Statistic al Services according to which growth rate is to reach 2.2%. The European Commission supports that Cyprus economy in 2002 is to slow down at a slower pace than the economies of the other nine candidate countries, while for the next few years it will grow at a faster pace with a growth rate of 3.5% for 2003 and 4.1% for 2004. As far as inflation is concerned, the EU estimates that in 2003 the acceleration is to reach 4.2%, while in 2004 there is to be a relevant slow down that will reach 2.1%.
Elsewhere the newspaper highlights that the Central Bank is to give guidelines to the Commercial banks for a stricter framework on loan granting.
The “Economy” inset of newspaper “Simerini” under the title “Ten difficult years” refers to the future of Cyprus economy after a possible solution of the partition problem. According to the report, economists and businessmen appreciate that the long-term benefits will be enormous, stressing that the island of Cyprus is to become an international trading, transit and educational center.
Elsewhere the newspaper points out Mps complains against the Ministry of Finance over the approval of its budget, asking to consolidate the administrative and economic autonomy of the Legislative Body.
The “Economic” inset of newspaper “Alithia” under the title “Cyprus pound to remain in place after the solution and until the adoption of the euro” highlights that the Cyprus pound will still be the currency unit of Cyprus after the imminent solution and until the island’s accession in the Economic Monetary Union (EMU). According to the report, the UN peace plan does not determine Cyprus currency, while the Central Bank is to be independent and in accordance with the EU specifications. It will issue the currency, set the monetary policy and the interest rates , set the rules and supervise the banking sector.
Elsewhere the newspaper deals with the banks and their rejection of the legislative regulations of investment loans.
The “Economy” inset of newspaper “Phileleftheros” under the title “GDP growth at 2.2%” mentions that the latest financial report of the European Commission for the economies of the EU candidate countries coincides with the estimates of the Ministry of Finance and the revised estimates of the Statistic al Services according to which growth rate is to reach 2.2%. The European Commission supports that Cyprus economy in 2002 is to slow down at a slower pace than the economies of the other nine candidate countries, while for the next few years it will grow at a faster pace with a growth rate of 3.5% for 2003 and 4.1% for 2004. As far as inflation is concerned, the EU estimates that in 2003 the acceleration is to reach 4.2%, while in 2004 there is to be a relevant slow down that will reach 2.1%.
Elsewhere the newspaper highlights that the Central Bank is to give guidelines to the Commercial banks for a stricter framework on loan granting.
The “Economy” inset of newspaper “Simerini” under the title “Ten difficult years” refers to the future of Cyprus economy after a possible solution of the partition problem. According to the report, economists and businessmen appreciate that the long-term benefits will be enormous, stressing that the island of Cyprus is to become an international trading, transit and educational center.
Elsewhere the newspaper points out Mps complains against the Ministry of Finance over the approval of its budget, asking to consolidate the administrative and economic autonomy of the Legislative Body.
The “Economic” inset of newspaper “Alithia” under the title “Cyprus pound to remain in place after the solution and until the adoption of the euro” highlights that the Cyprus pound will still be the currency unit of Cyprus after the imminent solution and until the island’s accession in the Economic Monetary Union (EMU). According to the report, the UN peace plan does not determine Cyprus currency, while the Central Bank is to be independent and in accordance with the EU specifications. It will issue the currency, set the monetary policy and the interest rates , set the rules and supervise the banking sector.
Elsewhere the newspaper deals with the banks and their rejection of the legislative regulations of investment loans.
3287.99
1275.09
