Commissioner for Economic and Monetary Affairs Joaquin Almunia dashed hopes on Thursday of an interest rate cut when the Monetary Policy Committee meets on Friday. Speaking at a press conference in Nicosia during his day-long official visit, Almunia told journalists that he has asked the authorities to “pay more attention to inflation.” His comments, backed

In its first update since the Cyprus pound entered the Exchange Rate Mechanism (ERM2) on May 2, the Economist Intelligence Unit has forecast a 100 basis-point cut in interest rates by the end of 2006, while the government is expected to meet its budget deficit target this year. In its May 2005 Cyprus Country Report

Alexis Galanos, former President of the House and Chairman of the Council of Economic Advisors (SOE), may resign from his post now that the work of the Council has been acknowledged and its role upgraded. The 14-member Council, which was set up by President Tassos Papadopoulos soon after his election and reports directly to him

Audited results of the majority state-owned Cyprus Development Bank for 2004 report a turnaround, with profit before provisions for non-performing loans reaching CYP 1.9 mln compared with a loss of CYP 2.7 mln in 2003. A loss of CYP 0.3 mln was still recorded after provisions for non-performing loans, the permanent impairment in the value