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Cyprus PIO: News Update in English, 02-01-25
From: The Republic of Cyprus Press and Information Office Server at <http://www.pio.gov.cy/>
Friday, 25 January 2002
CONTENTS
- [01] Monetary Policy Decisions
- [02] UN Secretary General discusses Cyprus talks with US Secretary Colin
Powell
[01] Monetary Policy Decisions
The Board of Directors of the Central Bank of Cyprus, taking into
consideration the recommendations of the Monetary Policy Committee, reached
the following monetary policy decisions at its meeting yesterday:
a. The key official interest rates of the Central Bank, that is the
interest rates of the marginal lending facility (Lombard) and the deposit
facility remain unchanged at 5.50% and 2.50% respectively.
b. The reference value for the annual growth rate of the bank credit in
2002 is 11%.
The Board of Directors noted that the unfavourable international environment
has had a negative influence on the Cyprus economy with tourism receiving
the greatest blow and tourist arrivals showing a 20.1 % drop in December.
In spite of the negative international climate, the economic rate of growth
in 2001 is estimated to have fluctuated in satisfactory levels, to around
3.7% compared to 5.1% in the previous year. In the employment sector,
unemployment in 2001 remained at low levels, around 3% while inflation for
the whole year was around 1.97% compared to 4.14% in the year 2000.
[02] UN Secretary General discusses Cyprus talks with US Secretary Colin
Powell
The United Nations Secretary General Mr Kofi Annan and the United States
Secretary of State Mr Colin Powell discussed the direct talks between
Cyprus President Glafcos Clerides and Turkish Cypriot leader Rauf Denktash,
among other world issues, at a meeting in Tokyo on 20 January 2002.
According to UN press release issued on 23 January, "they discussed the
deteriorating situation in the Middle East, the encouraging direction of
the current talks between the Cypriot leaders and the humanitarian crisis
generated by the volcano eruption in Goma."
From the Republic of Cyprus Press and Information Office (PIO) Server at http://www.pio.gov.cy/
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