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|Other sea vessels|
|Passenger & cargo ships|
Cyprus, officially the Republic of Cyprus, is an island country in the Eastern Mediterranean Sea, off the coasts of Syria and Turkey. Cyprus is the third largest and third most populous island in the Mediterranean and a member state of the European Union. It is located south of Turkey, west of Syria and Lebanon, northwest of Israel, north of Egypt and east of Greece.
The Cyprus financial services sector is diverse, comprising domestic banks, International Banking Units (IBUs), insurance companies, and other companies that offer financial intermediation services. Many foreign banks from the Middle East, Europe, and Asia operate subsidiaries, branches or representative offices in Cyprus. Cyprus banking & financial services sector legislation is in line with international best practices and has a simplified, effective and transparent tax system, which is fully EU, OECD, FATF, and FSF compliant. Commercial banking arrangements and practices follow the British model; all banks maintain correspondent networks around the world and can carry out both traditional and specialized financial transactions.
Banks located in Cyprus offer an array of services ranging from asset management, private banking, international, corporate and investment banking, retail banking, syndicated loans, custodian services and more. In line with business changes, Cyprus’ banking infrastructure has rapidly evolved and adopted the use of advanced technology systems, implemented measures to improve risk management along with the acquisition of highly-trained personnel. Cyprus has a business-friendly tax system, which provides specific exemptions and incentives for investment. Even after the Euro group’s decision (March 2013), Cyprus retains its competitive advantage as a financial Centre.
|Agriculture||Crops, cereals, legumes, vegetables, fruits, olives, lemons & almonds.|
|Manufacture||Pharmaceuticals, beverages, chemicals, mineral products, machinery & equipment.|
|Services (Including financial)||81.7% (2013 estimate)|
|Bank of Cyprue||Banking|
|Cyprus Mines Corporation||Metal|
|Grant Asset Management Ltd.||Financial service|
|Universal Savings Bank||Banking|
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|Planes, helicopter & space crafts|
|Other sea vessels|
|Passenger & cargo ships|
The Cyprus Stock Exchange or CSE is a stock exchange located in Nicosia, Cyprus. It was established under the Cyprus Securities and Stock Exchange Law which provides for the development of the securities market in Cyprus and for the establishment and operation of the Cyprus Stock Exchange, and was passed by the House of Representatives in April 1993. The Cyprus Stock Exchange (CSE) commenced its operations on the 29th of March 1996. In 2006, it launched a common platform with the Athens Stock Exchange. The Cyprus Stock Exchange (CSE) allows private or public companies to list their bonds on the Emerging Companies Market (ECM) and for public companies to list their shares on the ECM. In both cases (listing of shares or bonds) the CSE will also provide the ISIN code and have the prices beamed through Bloomberg and Reuters terminals as both are official financial data vendors.
The 2012–2013 Cypriot financial crisis is an economic crisis in the Republic of Cyprus that involves the exposure of Cypriot banks to over leveraged local property companies, the Greek government-debt crisis, the downgrading of the Cypriot government's bond credit rating to junk status by international credit rating agencies, the consequential inability to refund its state expenses from the international markets and the reluctance of the government to restructure the troubled Cypriot financial sector.
On 25 March 2013, a €10 billion international bailout by the Euro group, European Commission (EC), European Central Bank (ECB) and International Monetary Fund (IMF) was announced, in return for Cyprus agreeing to close the country's second-largest bank, the Cyprus Popular Bank (also known as Laiki Bank), imposing a one-time bank deposit levy on all uninsured deposits there, and possibly around 48% of uninsured deposits in the Bank of Cyprus (the island's largest commercial bank), many held by wealthy citizens of other countries (many of them from Russia) who were using Cyprus as a tax haven. No insured deposit of €100,000 or less would be affected.
The United States' subprime mortgage crisis in 2007–2008 led to a domino effect of negative consequences in the global economy including the European Union. The Cypriot economy went into recession in 2009, as the economy shrank by 1.67%, with large falls specifically in the tourism and shipping sectors which caused rising unemployment. Economic growth between 2010 and 2012 was weak and failed to reach its pre-2009 levels. Commercial property values declined by approximately 30%. Non-performing loans rose to a reported 6.1% in 2011, increasing pressure on the banking system. With a small population and modest economy, Cyprus had a large offshore banking industry. Compared to a nominal GDP of €19.5bn ($24bn) the banks had amassed €22 billion of Greek private-sector debt with bank deposits $120bn, including $60bn from Russia business corporations. Russian oligarch Dmitry Rybolovlev owned a 10% shareholding of Bank of Cyprus.
Cyprus banks first came under severe financial pressure as bad debt ratios rose. Former Laiki CEO Efthimios Bouloutas admitted that his bank was probably insolvent as early as 2008, even before Cyprus entered the Eurozone. The banks were then exposed to a haircut of upwards of 50% in 2011 during the Greek government-debt crisis, leading to fears of a collapse of the Cypriot banks. The Cypriot state, unable to raise liquidity from the markets to support its financial sector, requested a bailout from the European Union. Progress on fiscal and structural reforms was slow and following a serious, accidental explosion in July 2011 at the Evangelos Florakis Naval Base the major credit rating agencies downgraded the country's rating in September. Yields on its long-term bonds rose above 12% and there was concern that the country would be unable to stabilize its banks.
The earliest known human activity on the island dates to around the 10th millennium BC. Archaeological remains from this period include the well-preserved Neolithic village of Khirokitia, and Cyprus is home to some of the oldest water wells in the world. Cyprus was settled by Mycenaean Greeks in two waves in the 2nd millennium BC. As a strategic location in the Middle East, it was subsequently occupied by several major powers, including the empires of the Assyrians, Egyptians and Persians, from whom the island was seized in 333 BC by Alexander the Great. Subsequent rule by Ptolemaic Egypt, the Classical and Eastern Roman Empire, Arab caliphates for a short period, the French Lusignan dynasty and the Venetians, was followed by over three centuries of Ottoman rule between 1571 and 1878 (de jure until 1914).
Cyprus was placed under British administration in 1878 and formally annexed by Britain in 1914. Even though Turkish Cypriots made up only 18% of the population, the partition of Cyprus and creation of a Turkish state in the north became a policy of Turkish Cypriot leaders and Turkey in the 1950s. Turkish leaders for a period advocated the annexation of Cyprus to Turkey as Cyprus was considered an "extension of Anatolia" by them; while since the 19th century, the majority Greek Cypriot population and its Orthodox church had been pursuing union with Greece, which became a Greek national policy in the 1950s. Following nationalist violence in the 1950s, Cyprus was granted independence in 1960. In 1963, the 11-year inter-communal violence between Greek Cypriots and Turkish Cypriots started, which displaced more than 25,000 Turkish Cypriots and brought the end of Turkish Cypriot representation in the republic. On 15 July 1974, a coup d'état was staged by Greek Cypriot nationalists and elements of the Greek military
junta in an attempt at enosis, the incorporation of Cyprus into Greece. This action precipitated the Turkish invasion of Cyprus, which led to the capture of the present-day territory of Northern Cyprus the following month, after a ceasefire collapsed, and the displacement of over 150,000 Greek Cypriots and 50,000 Turkish Cypriots. A separate Turkish Cypriot state in the north was established in 1983. These events and the resulting political situation are matters of a continuing dispute. Cyprus is a major tourist destination in the Mediterranean. With an advanced, high-income economy and a very high Human Development Index, the Republic of Cyprus is a member of the Commonwealth since 1961 and was a founding member of the Non-Aligned Movement until it joined the European Union on 1 May 2004. On 1 January 2008, the Republic of Cyprus joined the Eurozone.
(General in Army)
The pound, also known as the lira, was the currency of Cyprus, including the Sovereign Base Areas in Akrotiri and Dhekelia, until 31 December 2007, when the Republic of Cyprus adopted the euro. However, the self-proclaimed Turkish Republic of Northern Cyprus used and still uses on the official level the Turkish lira. The Cyprus pound was replaced by the euro as the official currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange rate of CYP 0.585274 per EUR 1.00.
The British introduced the pound sterling unit to Cyprus in 1879 at a rate of one to 180 Turkish piasters. It remained equal in value to the pound sterling until 1972 and was initially divided into 20 shillings. The shilling was divided into 9 piasters, thus establishing a nomenclature link to the previous currency. The piaster was itself divided into 40 paras (like the kuruş). The para denomination did not appear on any coins or banknotes but was used on postage stamps. However, the ¼-piastre coin was equal to 10 paras and called δεκάρα in Greek and the ½-piastre coin was equal to 20 paras and called εικοσάρα.
In 1955, Cyprus decimalized with 1000 mils to the pound. Colloquially, the 5-mil coin was known as a "piaster" (not an exact equivalence; the piaster was equal to 5 5⁄9 mils) and the 50-mil coin as a "shilling" (an exact equivalence). The subdivision was changed to 100 cents to the pound on 3 October 1983. At that time, the smallest coin still in circulation was that of 5 mils. This was renamed as 1⁄2 cent but soon was abolished. Mil-denominated coins are no longer legal tender. Towards the end of the Cypriot pound era, some cashiers omitted the 1 and 2-cent coins from the change they gave. Owner operated businesses often rounded down the net amount to be paid to the nearest multiple of 5 cents.
In 1879, copper coins were introduced in denominations of 1⁄4, 1⁄2, and 1 piaster. The Greek-Cypriots called the first of these coins the δεκάρα (dekara—from the Greek word deka that means ten), referring to its equivalence to 10 para. The Greek name for the 1⁄2-piastre coin was εικοσάρα (ikosara—from the Greek ikosi that means twenty). These coins were followed, in 1901, by silver 3, 4 1⁄2, 9 and 18 piasters, the last two being equal to 1 and 2 shillings. The 3 piasters were only issued that year. The 1⁄4 piaster was last struck in 1926. In 1934, scalloped-shaped 1⁄2 and 1 piaster coins were introduced struck in cupro-nickel, changing to bronze in 1942. In 1947, cupro-nickel 1 and 2 shillings replaced the silver coins. The last piaster and shilling coins were issued in 1949. In 1955, 3, 5, 25, 50 and 100-mil coins were introduced, with the lowest two struck in bronze and the others in cupro-nickel. In 1963, dodecagonal, aluminum 1 mil coins were introduced, following the discontinuation of the 3 mil coin. Dodecagonal, aluminum 5 mil coins were introduced in 1981. In 1983, coins were introduced for 1⁄2, 1, 2, 5, 10 and 20 cents, with the 1⁄2 cent the same size and composition as the earlier 5 mil coins. The other coins were struck in nickel-brass. The 1⁄2 cent was only struck in 1983. In 1991, cupronickel, Reuleaux heptagonal (curved-equilateral-heptagonal) 50-cent coins were introduced.
In 1914, the government issued emergency notes in denominations of 10 shillings, and 1 and 5 pounds. Regular type notes were issued from 1917 and on. Notes for 5 and 10 shillings, and 1 and 10 pounds were introduced that year, followed by 1 and 2 shillings in 1920 and 5 pounds in 1926. Denominations below 10 shillings were not issued after 1920 but were reintroduced in 1939, with 3 piasters issued between 1943 and 1944. The 1 and 2-shilling notes were replaced by new coins in 1947. In 1955, the 5 and 10 shilling notes were replaced by 250 and 500-mil notes. The Central Bank of Cyprus was established in 1963 as an autonomous institution in accordance with the Central Bank of Cyprus Law 1963 and the relevant articles of the constitution. It began issuing paper money in 1964 and introduced 10-pound notes in 1977. Notes for 250 mils ceased production in 1982, shortly before the cent was introduced.
|National Song||"Ýmnos eis tīn Eleutherían"|
|GDP / GDP Rank||29.666 Billion USD|
|GDP Growth Rate||1.6 Percent|
|GDP Per Captial||$34970.299 (PPP)|
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
President – Nicos Anastasiades
|Website||Go to the web|
|Public Debt||107.96 Percent|
|Unemployment Rate||11.728 Percent|
|Labor Force (Occupation)||-|