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Cyprus PIO: News Update in English, 96-10-08

Cyprus Press and Information Office: News Updates in English Directory - Previous Article - Next Article

From: The Republic of Cyprus Press and Information Office Server at <>

News Update



  • [01] Cyprus to liberalise its monetary system
  • [02] "Nikiforos" exercise in final stages
  • [03] Important charity donation for community care

[01] Cyprus to liberalise its monetary system

Cyprus Finance Minister Christodoulos Christodoulou told a meeting of the International Monetary Fund (IMF) that Cyprus intends to liberalise its monetary system, taking into account European Union directives in view of the Republic's accession course.

The Minister, who represented Cyprus at the annual IMF and International Bank for Reconstruction and Development meeting in Washington, reviewed with various officials local projects funded by the Bank and ways to boost technical assistance to rectify structural problems the local economy is facing.

Minister Christodoulou had earlier represented Cyprus at the Commonwealth Conference of Finance Ministers in Bermuda where he referred to - among other issues - the measures taken by the government of Cyprus against money- laundering.

He also announced a 10% increase in Cyprus' contribution to the Commonwealth Fund for Technical Assistance.

[02] "Nikiforos" exercise in final stages

The National Guard's military exercise code-named "Nikiforos" entered its last two days of operational land, sea and air manoeuvres Monday and Tuesday (7-8.10.96), which were watched by the President of the Republic Glafcos Clerides, Defence Minister Costas Eliades and were given extensive media coverage. Greek naval and air force units participated in "Nikiforos" as part of the Greek forces exercise code-named "Toxotis".

President Clerides congratulated the military leadership on the planning and execution of the exercise.

Speaking to reporters, President Clerides denied there was pressure to cancel the exercise. He added that the fact that the exercises are being held is sending out the message that the Joint Defence doctrine is progressing and it will ensure the future of Greek Cypriots. Defence Minister Eliades, in reply to a question, said no problems appeared during the progression of the exercise... We have put to practice what was planned long ago", he said.

"Nikiforos" exercise ends tomorrow with a parade of all units, in the presence of President Clerides.

[03] Important charity donation for community care

Cypriot millionaire couple, Stelios and Elli Ioannou, have announced a major donation of four million Cyprus pounds (about 8.25 million dollars) for the construction of a home for mentally handicapped adults.

The home will meet an urgent need for accommodating adults with special problems who have nowhere to go once their next of kin or carer dies.

The Ioannou donation, which was announced during last Sunday's (6.10.96) International Charity Bazaar, is one of many charitable works made by the couple.

In 1983 they set up the Stelios Ioannou Foundation - a home providing care and vocational rehabilitation for mentally handicapped children - in memory of their son Stelios who was killed in a car accident.

Run by Government funds and subsidised by generous donations from the Ioannou family, the Foundation caters to 175 children, 48 of whom are boarders.

From the Republic of Cyprus Press and Information Office (PIO) Server at

Cyprus Press and Information Office: News Updates in English Directory - Previous Article - Next Article
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