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FINANCIAL NEWS
Cyprus pledges safety to Arab deposits
24 Jul 2013
(MENAFN) The Cypriot Financial Minister, Harris Georgiades, assured the World Union of Arab Bankers despite of its banking critical position the country will not tap into foreign deposits, reported DailyStars.
The head of the World Union of Arab Bankers, Joseph Torbey, commented: “Cypriot officials have met our demands [of Arab banks] when its Parliament did not agree on taxing deposits of nonresidents,” but full trust is still hard to regain until the county passes the crisis.
It’s worth mentioning that Cyprus managed to get a deal with the International Monetary Fund, the European Commission and the European Central Bank.
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BBK strengthens commitment to sports development through strategic partnership with Bahrain Basketball Association
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