OOffff­ssh­hoor­reess uupp 7700%%,, iin­nt­teer­reesstt rraat­tee cceei­il­li­in­ngg

Financial Mirror (Cyprus) - - FRONT PAGE -

Off­shore com­pany reg­is­tra­tions surged 70% in 1994, ac­cord­ing to of­fi­cial data, while Cen­tral Bank chief Afx­en­tis Afx­en­tiou called for the 50-year law on in­ter­est rate ceil­ings to be scrapped, ac­cord­ing to the Cyprus Fi­nan­cial Mir­ror is­sue 98, on Fe­bru­ary 15, 1995.

New off­shore com­pany reg­is­tra­tions reached 3,921 in 1994, up 69.2% over the pre­vi­ous year, while ship­ping com­pany reg­is­tra­tions reached 656, up 20.1% from 1993, the Reg­is­trar an­nounced, adding that to­tal com­pany reg­is­tra­tion in 1994 reached 8,501, up 32% from 1993.

Cen­tral Bank Gover­nor Afx­en­tis Afx­en­tiou has called for the law on in­ter­est rate ceil­ing, set in 1944, to be scrapped as a free float­ing rate, determined by the mar­ket forces and rec­om­mended by the EU, would even al­low rates to fall.

The trade deficit reached CYP 919 mln in the Jan­uary-Novem­ber pe­riod of 1994, an in­crease of 12.7% over the same year-ear­lier pe­riod, de­spite a rise in ex­ports to CYP 431 mln.

The Cyprus Hil­ton is mark­ing its 30th an­niver­sary with a re­fur­bished new look that is al­most ready to open to the public, with a big­ger lobby area, a new Ex­ec­u­tive Wing and a new restau­rant area to re­place the Fon­tana Amorosa, the Des­de­mona and the Orangery.

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