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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.