Cyprus: Staff Report for the 2000 Article IV Consultation

IMF Staff Country Reports, August 25, 2000

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Cyprus: Staff Report for the 2000 Article IV Consultation

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Bibliographic details

• Published: August 25, 2000
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781451809800.002

Executive summary

• "Cyprus’s economic performance in the past quarter century has been impressive but volatile, as the economy has come to rely on tourism as the main engine of growth."
• "Financial market restrictions, including the interest rate ceiling, limit the ability of the Central Bank of Cyprus to manage liquidity."
• "Capital and financial market liberalization are planned to be implemented by the time of EU accession."
• "Executive Directors commended the authorities for their efforts to improve the oversight of the offshore financial sector."
• Included with the Staff Report are the text of Public Information Notice No. 67 and a statement by J. de Beaufort Wijnholds on August 3, 2000.

Key themes and findings

• Economic structure and performance
  • Heavy reliance on tourism as the main engine of growth.
  • Performance described as "impressive but volatile" over the past quarter century.
• Financial markets and monetary management
  • Existence of financial market restrictions that constrain policy.
  • Specific constraint: "the interest rate ceiling" limits the Central Bank of Cyprus’s ability to manage liquidity.
• Capital account and market liberalization
  • "Capital and financial market liberalization are planned to be implemented by the time of EU accession."
• Offshore financial sector oversight
  • Executive Directors "commended the authorities for their efforts to improve the oversight of the offshore financial sector."

Subjects and keywords

• Subject:
  • Balance of payments
  • Capital account liberalization
  • Financial markets
  • Government debt management
  • Inflation
  • Prices
  • Public debt
  • Public financial management (PFM)
  • Stock markets
• Keywords:
  • aggregate credit target
  • Capital account liberalization
  • ceiling
  • CR
  • deficit
  • equity holding
  • Europe
  • financial market liberalization
  • government
  • Government debt management
  • government organization
  • Inflation
  • ISCR
  • staff appraisal
  • Stock markets

Content in this bundle

• Cyprus:Staff Report for the 2000 Article IV Consultation - ISCR/00/110
  • Cyprus:Staff Report for the 2000 Article IV Consultation - ISCR/00/110 (Markdown version)
  • Cyprus:Staff Report for the 2000 Article IV Consultation - ISCR/00/110 (PDF)
• Statement by IMF Executive Director J. de Beaufort Wijnholds on Cyprus, August 3, 2000
  • Statement by IMF Executive Director J. de Beaufort Wijnholds on Cyprus, August 3, 2000 (Markdown version)
  • Statement by IMF Executive Director J. de Beaufort Wijnholds on Cyprus, August 3, 2000 (PDF)