Cyprus News Agency: News in English (PM), 99-01-04

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] Cyprus - Meeting Clerides - Clinton

[02] Cyprus Stock Exchange

[03] Russian ambassador - Missiles

[04] Cyprus - Euro

1450:CYPPRESS:01

[01] Cyprus - Meeting Clerides - Clinton

Government Spokesman Christos Stylianides said the government would welcome such a meeting when there is some concrete move in the protracted Cyprus question.

The Spokesman said US Presidential Emissary for Cyprus Richard Holbrooke had contacted the Cypriot President to discuss the possibility of a meeting with President Clinton.

"President Clerides replied it would be better if such a meeting took place after there was a concrete practical move in the Cyprus problem," he added.

He clarified that this discussion took place before the President's decision last Tuesday not to deploy the Russian-made S300 defence missile system on the island.

Explaining why a meeting at the time would not have been helpful, Stylianides said "a meeting with the US President would always be welcomed by President Clerides, however the President does not believe such meetings should have a social context but a concrete political result."

The Spokesman said the government believes such meetings are necessary and will seek them out when they can contribute to efforts for a Cyprus settlement.

Cyprus has been divided since Turkish troops invaded and occupied 37 per cent of the island's territory in 1974.

CNA MM/MA/GP/1999

ENDS, CYPRUS NEWS AGENCY

1500:CYPPRESS:02

[02] Cyprus Stock Exchange

      CSE General Index                          90.63 ( 0.04)

      Traded Value            CYP 1,449,572

      Sectural Indices

      Banks                   CYP   666,355     106.59 ( 0.29)
      Approved Investment
      Companies               CYP    84,574      57.78 (-1.04)
      Insurance Companies     CYP   151,150      64.53 (-0.60)
      Manufacturing Companies CYP   102,076      86.30 ( 0.19)
      Tourism Companies       CYP   101,053      69.73 (-0.88)
      Trading Companies       CYP   172,087      40.31 (-0.74)
      Other Companies         CYP    49,367      81.96 ( 0.45)

CNA MA/1999

ENDS, CYPRUS NEWS AGENCY

1515:CYPPRESS:03

[03] Russian ambassador - Missiles

"It is an issue for the Cyprus government," he told reporters today, replying to questions regarding President Glafcos Clerides' decision not to deploy the Russian-made missile system here.

In a written statement issued last Tuesday, the President announced his decision not to deploy the S300 and to negotiate with Russia its possible deployment in the southern Greek island of Crete.

The Russian ambassador pointed out Nicosia has "all competence on this issue."

Mouradov was replying to press questions at the Presidential Palace. Foreign diplomats accredited to Cyprus visited President Clerides on the occasion of the new year.

CNA NG/MA/GP/1999

ENDS, CYPRUS NEWS AGENCY

1800:CYPPRESS:04

[04] Cyprus - Euro

According to the Central Bank the link of the Cyprus pound (about two US dollars) to the Euro is not expected to have any serious repercussions on the local economy.

"The government welcomes the introduction of the Euro, which we believe will contribute substantially to the strength of the European family on a European as well as a global level," Government Spokesman Chistos Stylianides told his daily press briefing.

Europe today, he said, is called upon to meet the demands of globalisation as a political and economic power.

"We in Cyprus aspire towards Europe and we are ready to enter the European family. We consider the introduction of the Euro as a very important development in both economic and political terms," Stylianides pointed out.

Central Bank officer, Takis Kanaris, Director of the Department of Economic Research, told CNA today that "the link of the Cyprus pound with the Euro is a natural development since our pound was linked to the ECU, its predecessor."

"We do not expect substantive repercussions on the Cypriot economy, our pound is stable," he said, describing the transfer from the ECU to the Euro as "trouble free."

Kanaris said the flotation margins of the Euro will range from minus 2, 25 per cent to plus 2,25 per cent.

He also explained that the implied parity of 1,7086 ECUS to the Cyprus pound remains the same for the Euro.

"We now have to see how the Euro trades against the dollar and the yen in the international markets," Kanaris said, noting that in the unlikely event of any increase in the price of the Euro would render Cyprus less competitive.

The Central Bank official said Cyprus must keep an eye on the trading value of the pound sterling in view of the fact that Britain is Cyprus' largest European trade partner.

"We believe that the sterling will more or less follow the fate of the Euro and sooner or later it will be led down the same path," he noted.

Replying to questions, he explained that Cypriots travelling to Europe will be able to pay in the currency of their own choice, either in Euro or in other European currency "as there will be no trading profit or loss in such a choice."

Referring to the repercussions on the Cyprus Stock Exchange (CSE), Kanaris said he did not anticipate any effect on that score as the CSE is to a large extent closed to foreign traders as only Cypriots are currently trading, even though it is open to foreign investors.

CNA MM/MA/1999

ENDS, CYPRUS NEWS AGENCY

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