Sterling rally vs CYP, Co-op to issue cards
UK arrivals were favoured by Sterling’s continued rally against the Cyprus pound, but imports were expected to be more expensive, while in the banking sector the Co-operative Central Bank said it will issue credit and debit cards, according to the issue 184, on October 23, 1996.
The British pound continued to strengthen against most international currencies, as well as the Cyprus pound (CYP), climbing to its highest level in 22 months buoyed by signs that the UK economy is gathering speed that in turn is fueling speculation that interest rates might soon rise.
The Co-operative Central Bank has
turned up the heat on the commercial banks announcing it will issue credit and debut cards in the first quarter of 1997. It said that if negotiations with JCC, the banks-owned clearing house, do not produce any result, the Co-operative will apply directly to VISA international for payment clearance and administration.
Stock brokers have called for CSE Council President Dinos Papadopoulos to resign citing serious violation of exchange regulations. They told Finance Minister Christodoulos Christodoulou that a close relative of Papadopoulos is board member of a public company, which is clearly forbidden by the rules, and that the regulations should apply to everyone.
Of the 2.1 mln tourists visiting the island every year, only 1.4 mln stay at licensed hotel units, while for the occupancy rate to rise from 10.5 nights or 47% to 70%, the number of arrivals should rise to 2.74 mln.