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The economy of Cyprus is a high-income economy as classified by the World Bank, [3] and was included by the International Monetary Fund in its list of advanced economies in 2001. [1] [2] Cyprus adopted the euro as its official currency on 1 January 2008, replacing the Cypriot pound at an irrevocable fixed exchange rate of CYP 0.585274 per €1.
The 2012–2013 Cypriot financial crisis was an economic crisis in the Republic of Cyprus that involved the exposure of Cypriot banks to overleveraged 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 ...
Cyprus on Saturday hailed a two-notch upgrade by credit ratings agency Moody’s to bring the east Mediterranean island nation back into investment-grade territory a decade after a financial ...
The economy grew by 4.9% in 2014 and 2.8% in 2013, meaning that Northern Cyprus is growing faster than the Republic of Cyprus. [9] [10] Northern Cyprus has seen economic growth and declining unemployment throughout the 2010s; the unemployment rate in 2015 was at 7.4%, [11] down from 8.3% in 2014. [12] The inflation rate in June 2015 was at 3.18%.
The Cyprus government has given Chevron another six months to come up with a revised plan to develop a sizeable natural gas deposit off the island nation’s southern coastline after an earlier ...
The Cyprus government and U.S. energy company Chevron have reached a deal on how to develop the Aphrodite gas field, the first to be discovered under the seafloor off Cyprus, an official Friday.
Harris Georgiades is chairman of the Foreign and European Affairs Committee of the Cyprus Parliament and Deputy Leader of the Democratic Rally Party. He served as Minister of Finance of the Republic of Cyprus between April 2013 – December 2019. Born in 1972 in Nicosia, he holds a BA and an MA in international relations and economics from the ...
Cyprus has scrapped a 1.2 billion euro ($1.30 billion) concession agreement for the development of Larnaca port, in a legal wrangle that the state and the contractor traded blame for on Monday.