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Cyprus PIO: News Update in English, 01-08-13

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 <http://www.pio.gov.cy/>

Monday, 13 August 2001


CONTENTS

  • [01] Cyprus condemns the act of violence in Jerusalem
  • [02] Increased Tourist arrivals
  • [03] Reduction in the Lombard interest rate


[01] Cyprus condemns the act of violence in Jerusalem

The government of the Republic of Cyprus condemns the act of violence that took place on 9 August 2001 in Jerusalem which resulted in many deaths of innocent civilians, especially children.

The government of the Republic of Cyprus once more urged both sides to show maximum restraint, since it has been demonstrated time and again in a tragic manner that any resort to violence not only failed to produce any tangible benefits for either side, but on the contrary it aggravated and exacerbated an already tense situation.

The 9 August bomb attack proved yet again that diplomacy still remains the only available option for both Israel and the Palestinians to resolve their differences. Therefore, the government of the Republic of Cyprus strongly calls upon both sides to refrain from using armed force against each other and return instead to the negotiating table immediately.

The government expresses the "fervent hope and earnest belief that peace with justice, security, prosperity and stability will prevail among all the people of the Middle East".

[02] Increased Tourist arrivals

Revenue from tourism and tourist arrivals increased in the first half of this year, compared with the corresponding period in 2000, according to an official announcement.

Arrivals went up by 5.49 per cent, to reach 1.170.326 tourists compared with 1.109.434 last year, and revenue from the tourist industry rose by 11.4 per cent, to 490.126.584 compared with 441.408.121 the same period in 2000.

In the period 1998-2000 tourist arrivals rose by 29 per cent and revenue from the island/s main industry increased by 40 per cent.

[03] Reduction in the Lombard interest rate

The Central Bank of Cyprus announced on 10 August 2001 a 0,50 per cent reduction in the Lombard interest rate, bringing it down to 6,50 per cent, and an increase in the margin of fluctuation of the Cyprus pound against the euro from 2,25 per cent to 15 per cent.

According to the Central Bank Governor, this move is meant to curtail an increasing trend for loans in foreign currency and to avert possible economic depression.

The Lombart Rate is the rate charged by central banks for commercial banks to borrow overnight against collateral.

The Central Bank also decided to reduce the interest rate of the deposit facility from 4 to 3,5 per cent.


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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