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Central Bank of Cyprus

Cyprus: Central Bank Reports Increase of Investment Fund Assets by 8%

The total assets of investment funds increased by approximately 8% to €2.928 million in June 2016, compared with €2.712 million in March 2016, Central Bank statistics show. The Central Bank said that this is "due to the increase of the...

Financial Crimes Enforcement Network Confirms Original Decision on FBME, Cyprus Central Bank Says

A decision by the US Treasury's Financial Crimes Enforcement Network (FinCEN) to prohibit US financial institutions from opening or maintaining a correspondent account for, or on behalf of, the Federal Bank of the Middle East (FBME) has become final,...

President Anastasiades Asks AG to Start Proceedings to Remove CBC Governor

President of the Republic Nicos Anastasiades will ask the Attorney General to examine the facts and mobilize the constitutional provisions for the removal of Central Bank Governor Chrystalla Georghadji. Government Spokesman Nicos Christodoulides made the statement on Sunday evening after...

Cypriot Customs Confiscates 500,000 Euros from Greek Businessman

Custom authorities in Cyprus confiscated half a million euros from a Greek businessman who attempted to fly the money back to Greece when Cypriot banks refused to let him deposit it. Reuters reports that the businessman had arrived in the...

Central Bank of Cyprus Governor: Cyprus Will Return to Growth in 2015

Cyprus is expected to return to growth in 2015, while the capital control imposed by the bailout program signed in 2013 can soon be dismantled, Central Bank of Cyprus Governor Chrystalla Georghadji said before the parliament's financial affairs committee...

Banks vs The People

The most important thing to remember when dealing with banks is a simple rule; banks are a business, motivated by profit. Banks are not sensitive to social needs, do not take risks and bank managers are not your friends....

While Anastasiades Fiddled, Money Fled Cyprus

Delays and indecision by newly-elected Cypriot President Nicos Anastasiades' government allowed a huge outflow of cash from the island's banks even though they were closed and limits were placed on most withdrawals, the news agency Reuters reported. In banknotes at...

Bailout Cuts Cyprus Bank Accounts, Withdrawals Barred

Cyprus, whose banks were pushed to the edge of default by their exposure to heavily devalued Greek bonds, will get a 10 billion euros ($13 billion) bailout from international lenders, but bank depositors will lose up to nearly 10...

Cypriot Bank Losses From Greek Bond Swap "Manageable"

Losses incurred by Cypriot banks from a Greek debt restructuring are "manageable" and Cyprus is ready to support its lenders, if needed, European Central Bank governing council member Athanassios Orphanides said Thursday. Orphanides, who is also the governor of the...