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Wednesday, 24 April 2024
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Cyprus PIO: News Update in English, 97-08-13Cyprus Press and Information Office: News Updates in English Directory - Previous Article - Next ArticleFrom: The Republic of Cyprus Press and Information Office Server at <http://www.pio.gov.cy/>News UpdateWednesday, 13/08/97CONTENTS[01] Direct talks in Glion-sur-Montreux continueThe UN-sponsored face-to-face talks between President Clerides and Turkish Cypriot leader Rauf Denktash continued in Glion-sur-Montreux (Switzerland) for a second day yesterday in the presence of the Secretary General's Special Advisor on Cyprus, Diego Cordovez.The UN has imposed a media blackout on the negotiations and therefore President Clerides and Mr. Denktash declined to comment on the content of the negotiations. According to diplomatic sources during yesterday's meeting which lasted for over one hour, the two leaders expressed their views on the basic aspects of the Cyprus problem. According to the same sources, Mr. Cordovez has put two new drafts on the table which refer to the substance of the Cyprus problem as well as to the procedure of the negotiations and Mr. Cordovez is expecting the views of the sides today. In today's meeting the two leaders will be accompanied by their advisors as well. Meanwhile, Foreign Minister Ioannis Kasoulides, who is in Switzerland, has been holding meetings with foreign government envoys who are in Montreux following the course of the talks and are ready to offer their assistance if and when it is considered necessary. [02] Banking business license granted to Vojvodjanska Banka AD of YugoslaviaThe Governor of the Central Bank of Cyprus, Mr. Afxentis C. Afxentiou, yesterday granted a banking business license to Vojvodjanska Banka AD of the Federal Republic of Yugoslavia, to carry on banking business from within Cyprus on an offshore basis. Vojvodjanska is the second largest bank in Yugoslavia with total assets of approximately, US$785 million.In Cyprus, Vojvodjanska will deal only in foreign currencies and transact business only with other offshore and non-resident companies as well as non- resident persons. Vojvodjanska's operations from within Cyprus will be subject to the supervision and inspection of the Central Bank of Cyprus in addition to the supervision of the Yugoslav banking supervisory authority. The presence of Vojvodjanska in Cyprus is another indication of the country's success in attracting international banks and financial institutions and of Cyprus' growing recognition among such institutions as a reputable offshore financial centre. So far, 31 offshore banking business licenses have been granted to a respective number of international banks and 8 permits have been issued for the establishment of representative offices of foreign banks in Cyprus. Other foreign banks have expressed a similar interest to establish an offshore presence in Cyprus and more banking business licenses are expected to be granted in the near future. [03] Consumer price indexThe Department of Statistics and Research announced that the Consumer Price Index for July 1997 increased by 1,39 units or 1,16 per cent to 120,95 units compared to 119,56 in the previous month. This is mainly due to increases in the prices of certain fresh fruit.The average rate of increase of the Index for the last twelve months (i.e. August 1996 - July 1997 compared to the preceding twelve months (i.e. August 1995 - July 1996) was 3,26%. From the Republic of Cyprus Press and Information Office (PIO) Server at http://www.pio.gov.cy/Cyprus Press and Information Office: News Updates in English Directory - Previous Article - Next Article |
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