Thursday, 29 July 2010
Economy
Cyprus has an open economy based on the system of free enterprise similar to that of most European countries with government intervention limited to safeguarding the system and providing guidance. The Cypriot economy is characterized by a very satisfactory rate of growth (the average annual rate of growth of GDP amounted to 5.1%, in real terms, over the period 1961-2003), full employment conditions and internal and external macroeconomic stability.
Banking
The well-developed banking system in Cyprus offers a wide variety of services which accommodates the needs of both business and individuals. Cyprus’ banking system consists of the Central Bank of Cyprus, domestic banks and international banking units. It also includes the co-operative credit institutions which are supervised by the Co-operative Societies’ Supervision and Development Authority.
The Central Bank of Cyprus regulates the stability of the national currency, the Cyprus Pound, and the banking system whose procedures are largely based on those of British Banking. In order to comply fully with the Acquis Communautaire, the Banking (Amendment) Law 2003 was enacted by the House of Representatives in July of 2003.
There are presently 14 domestic banks in Cyprus, 11 commercial banks and 3 specialised financial institutions. In addition, there are 29 international banking units which have been authorized by the Central Bank to operate from within Cyprus.
Insurance
Cypriots and foreigners residing on the island enjoy the benefits of a well developed insurance industry with all types of risk accepted, mainly through agents and brokers. Currently over 80 insurance companies and insurance captives operate on the island, many of which are incorporated abroad and represent well known multinational insurers. The authorities regulate onshore banks and insurance companies in such a way as to safeguard the interests of depositors and assured, and to channel investments into productive activities.
Cyprus has an open economy based on the system of free enterprise similar to that of most European countries with government intervention limited to safeguarding the system and providing guidance. The Cypriot economy is characterized by a very satisfactory rate of growth (the average annual rate of growth of GDP amounted to 5.1%, in real terms, over the period 1961-2003), full employment conditions and internal and external macroeconomic stability.
Banking
The well-developed banking system in Cyprus offers a wide variety of services which accommodates the needs of both business and individuals. Cyprus’ banking system consists of the Central Bank of Cyprus, domestic banks and international banking units. It also includes the co-operative credit institutions which are supervised by the Co-operative Societies’ Supervision and Development Authority.
The Central Bank of Cyprus regulates the stability of the national currency, the Cyprus Pound, and the banking system whose procedures are largely based on those of British Banking. In order to comply fully with the Acquis Communautaire, the Banking (Amendment) Law 2003 was enacted by the House of Representatives in July of 2003.
There are presently 14 domestic banks in Cyprus, 11 commercial banks and 3 specialised financial institutions. In addition, there are 29 international banking units which have been authorized by the Central Bank to operate from within Cyprus.
Insurance
Cypriots and foreigners residing on the island enjoy the benefits of a well developed insurance industry with all types of risk accepted, mainly through agents and brokers. Currently over 80 insurance companies and insurance captives operate on the island, many of which are incorporated abroad and represent well known multinational insurers. The authorities regulate onshore banks and insurance companies in such a way as to safeguard the interests of depositors and assured, and to channel investments into productive activities.