ekathimerini.com Apr 27
CBC sets new cost of borrowing:
The Central Bank of Cyprus has set the country’s reference interest rate at 11.72%.
ekathimerini.com/economy/1302005/cbc-sets-new-cost-of-borrowing/
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Key FactsCyprus: A Hub for Russian Wealth
Nov 14, 2023 · Reading time: ~45 sec.
Summary created with AI assistance · Source: icij.org
Summary created with AI assistance · Source: icij.org
- In 2014, RCB bank officials pressured a government aide for citizenship approval for a sanctioned Russian, creating tension.
- The 'Cyprus model' facilitated over $200 billion in Russian investments in the EU, with Cypriot banks regulated by the European Central Bank.
- The close ties between Cypriot banks and Russian oligarchs led to money laundering scandals that questioned European financial supervision.
- The Russian invasion of Ukraine exposed issues within Cyprus's financial system and raised concerns about the EU's role in money laundering oversight.
Let’s be honest: We had billions and billions of deposits along with a company that was nothing but a shell with no employees and no physical presence.— Harris Georgiades, Cyprus Finance Minister, at a forum on Cyprus’ economic future.
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