## Cyprus: Staff Report for the 2000 Article IV Consultation

_IMF Staff Country Reports, August 25, 2000_

## Source details

**Canonical URL:** [Cyprus: Staff Report for the 2000 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/30/cyprus-staff-report-for-the-2000-article-iv-consultation-3655)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/30/cyprus-staff-report-for-the-2000-article-iv-consultation-3655/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/30/cyprus-staff-report-for-the-2000-article-iv-consultation-3655/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/30/cyprus-staff-report-for-the-2000-article-iv-consultation-3655/bundle-manifest.json)

## Bibliographic details
- Published: August 25, 2000
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451809800.002

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### 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

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## 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)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2000/_cr00110.pdf.md){rel="alternate" type="text/markdown"}
  - [Cyprus:Staff Report for the 2000 Article IV Consultation - ISCR/00/110 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2000/_cr00110.pdf){rel="external" type="application/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)](/-/media/websites/imf/imported-publications/external/np/a4pilot/2000/_stm00110.pdf.md){rel="alternate" type="text/markdown"}
  - [Statement by IMF Executive Director J. de Beaufort Wijnholds on Cyprus, August 3, 2000 (PDF)](/-/media/websites/imf/imported-publications/external/np/a4pilot/2000/_stm00110.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/30/cyprus-staff-report-for-the-2000-article-iv-consultation-3655_