Cyprus’s central bank cut interest rates by a quarter percentage point on Friday in an unexpected move that dealers saw as a possible testing of the waters on gradual convergence with eurozone rates.
Cyprus Central Bank Governor announced that the Monetary Policy Committee (MPC) decided to increase the key interest rates by one percentage point, bringing the marginal lending facility to 5.5 per cent and the overnight deposit facility to 3.5 pe
The Bank of Cyprus Group's activities include finance, factoring, investment banking, brokerage and venture capital. The Group is the leading Cypriot banking and financial services group.
In January 2001 Greece will join the euro-zone and the Athens stock exchange will begin to develop and move away from its present emerging market status.
According to George Georghiou, Manager of Laiki Factors in Cyprus, there is likely to be a significant growth of around 30% in total factored volume in the year 2000.