Ster­ling rally vs CYP, Co-op to is­sue cards

Financial Mirror (Cyprus) - - FRONT PAGE -

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



Co-op cards:

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.

Bro­kers an­gry:

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.

Where do



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.

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