InvestinCyprus.com will be launching its 2006 Cyprus Property Investment programme in Dublin, Ireland on the 8th and 9th of March 2006.
Further details can be obtained from the Liverpool office on 00 44 151 482 5526
Saturday, February 25, 2006
Friday, February 24, 2006
Central Bank of Cyprus leave interest rates on hold
At today’s meeting of the Monetary Policy Committee (MPC), the following monetary policy decisions were taken:
The official interest rates of the Central Bank of Cyprus , that is the interest rates on the marginal lending facility and the deposit facility, remain unchanged at 4,25% and 2,25%, respectively.
Following an extensive discussion, the MPC noted that the growth rate of domestic economic activity remains satisfactory, whereas domestic inflation edged higher to 2,25% in January, compared with 1,99% in the previous month.
On the fiscal front, the MPC noted with satisfaction the containment of the 2005 fiscal deficit to levels below 2,5% of GDP. At the same time, the MPC stressed that the 2005 fiscal outturn should not lead to any complacency, and that the consolidation of public finances should be maintained, underpinned by structural fiscal measures, so as to achieve the target of euro adoption on 1 January 2008.
With regard to monetary developments, the MPC took into serious consideration the significant growth being recorded by bank credit and money supply, the foreign exchange outflows observed due to seasonal factors, as well as the continuing high exchange rate of the Cyprus pound against the euro.
Taking into account all the above, and also the fact that at their recent meetings the European Central Bank and the Bank of England maintained their wait-and-see stance, while the US Federal Reserve proceeded to yet another rate increase of 25 basis points, the MPC unanimously decided to maintain its wait-and-see stance, leaving official interest rates unchanged.
The official interest rates of the Central Bank of Cyprus , that is the interest rates on the marginal lending facility and the deposit facility, remain unchanged at 4,25% and 2,25%, respectively.
Following an extensive discussion, the MPC noted that the growth rate of domestic economic activity remains satisfactory, whereas domestic inflation edged higher to 2,25% in January, compared with 1,99% in the previous month.
On the fiscal front, the MPC noted with satisfaction the containment of the 2005 fiscal deficit to levels below 2,5% of GDP. At the same time, the MPC stressed that the 2005 fiscal outturn should not lead to any complacency, and that the consolidation of public finances should be maintained, underpinned by structural fiscal measures, so as to achieve the target of euro adoption on 1 January 2008.
With regard to monetary developments, the MPC took into serious consideration the significant growth being recorded by bank credit and money supply, the foreign exchange outflows observed due to seasonal factors, as well as the continuing high exchange rate of the Cyprus pound against the euro.
Taking into account all the above, and also the fact that at their recent meetings the European Central Bank and the Bank of England maintained their wait-and-see stance, while the US Federal Reserve proceeded to yet another rate increase of 25 basis points, the MPC unanimously decided to maintain its wait-and-see stance, leaving official interest rates unchanged.
Wednesday, February 22, 2006
Jet-to-Let - New airports for Cyprus worth 500 million Euro
New airports by 2009 at Larnaca and Paphos ‘Temporary’ solutions will ease congestion at present sites, reports Luke Moore
A 500 million Euro construction project to bring Cyprus ’ airports into the 21st century is due to begin later in 2006. With project completion dates in 2008 for Paphos and 2009 for Lanarca, new measures will be introduced at the existing airports to help manage the massive amount of tourists that visit the island over the next three years.
The first of several planned upgrades was the opening of a larger arrivals hall and luggage claim area at Larnaca earlier this week, and an increase in the number of parking spaces to a total of 710 has also been completed.
Future renovations are expected to include the acquisition of two new passenger buses, four runway stair units and twenty luggage trolleys. A Cypriot government estimate values the total renovations to Larnaca and Paphos at 5 million Euros. The Communications and Works Minister, Haris Thrasou, said that the work being done is simply ‘temporary’ to minimise problems when several planes arrive at the same time.
The contract to develop the new airports was awarded to the Hermes Consortium for 500million Euros, making this the biggest construction contract that the state has ever entered into.
The new airport at Larnaca will cover an area of 95,000 metres with an annual capacity of 7.5 million passengers. This will increase by a fifth over time. The smaller Paphos airport will cover 18,000 square metres with a capacity around a third of Larnaca.
InvestinCyprus.com
A 500 million Euro construction project to bring Cyprus ’ airports into the 21st century is due to begin later in 2006. With project completion dates in 2008 for Paphos and 2009 for Lanarca, new measures will be introduced at the existing airports to help manage the massive amount of tourists that visit the island over the next three years.
The first of several planned upgrades was the opening of a larger arrivals hall and luggage claim area at Larnaca earlier this week, and an increase in the number of parking spaces to a total of 710 has also been completed.
Future renovations are expected to include the acquisition of two new passenger buses, four runway stair units and twenty luggage trolleys. A Cypriot government estimate values the total renovations to Larnaca and Paphos at 5 million Euros. The Communications and Works Minister, Haris Thrasou, said that the work being done is simply ‘temporary’ to minimise problems when several planes arrive at the same time.
The contract to develop the new airports was awarded to the Hermes Consortium for 500million Euros, making this the biggest construction contract that the state has ever entered into.
The new airport at Larnaca will cover an area of 95,000 metres with an annual capacity of 7.5 million passengers. This will increase by a fifth over time. The smaller Paphos airport will cover 18,000 square metres with a capacity around a third of Larnaca.
InvestinCyprus.com
Wednesday, February 1, 2006
Ryanair flights to Cyprus by October 2006
Low-cost carrier Ryanair has set its sights on daily flights from Italy and Germany to Cyprus , possibly as early as October, the Cyprus Tourism Organisation (CT) has revealed.
According to CTO chairman Photis Photiou, the company is in the first stages of implementing flights from Italy and the second stage in relation to Germany .
He said the operation of Ryanair to Cyprus would be a huge boost for tourism, particularly from Germany , which is a strong market for Cyprus , the second largest after the UK . Italy is also a growing market, with 20,000 Italians visiting Cyprus each year, and the additional Ryanair flights could bring that number up to 50,000, Photiou said, adding that this would be aided by the fact Ryanair was a low-cost carrier.
According to CTO chairman Photis Photiou, the company is in the first stages of implementing flights from Italy and the second stage in relation to Germany .
He said the operation of Ryanair to Cyprus would be a huge boost for tourism, particularly from Germany , which is a strong market for Cyprus , the second largest after the UK . Italy is also a growing market, with 20,000 Italians visiting Cyprus each year, and the additional Ryanair flights could bring that number up to 50,000, Photiou said, adding that this would be aided by the fact Ryanair was a low-cost carrier.
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