Business: Central banks agree on co-operation
13/07/2007
The central banks of Cyprus and six Balkan countries sealed an agreement on co-operation. Also this week: the IMF approves a disbursement to Albania and Bulgaria sees a slowdown in industrial growth.
 "The framework will improve co-operation and enable regulatory authorities [in the region] to deal more efficiently with banking institutions that are becoming increasingly complex," Bank of Greece Governor Nicholas Garganas said. [Bank of Greece] |
The central banks of Albania, Bulgaria, Cyprus, Greece, Macedonia, Romania and Serbia sealed a memorandum of co-operation during a meeting of the banks' representatives, in Athens, on Saturday (July 7th). The accord provides for exchanges of information in the fight against money laundering.
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The Federation of Bosnia and Herzegovina's (BiH) main telecom operator, BiH Telecom, signed a 3.8m-euro deal Sunday (July 8th) with Croatian telecom provider Ericsson Nikola Tesla. The Croatian firm will provide 50 new base stations to BiH Telecom.
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Kosovo's Industry and Trade Ministry proposed amending the fiscal code in order to promote growth and improve the business climate. It suggested lowering the tax on profits from 20% to 10% and setting the tax on all monthly income above 80 euros at 10%. Monthly income that is lower than 80 euros would be exempt from taxation.
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The IMF board completed the third review of Albania's performance under the Poverty Reduction and Growth Facility and the Extended Fund Facility arrangements. It approved the disbursement of a 2.7m-euro tranche to the country.
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Bulgaria's industrial growth slowed from 11.7% year-on-year in April to 6.9% year-on-year in May, according to the National Statistical Institute. The deceleration was attributed primarily to the mining sector, where output fell 9.7% year-on-year.
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The international ratings agency Standard & Poor's affirmed Croatia's long-term foreign currency debt at BBB/A-3 and its local currency debt at BBB+/A-2, with a stable outlook. The agency cited sound fiscal performance, structural reforms and changes made in line with EU integration requirements.
(Various sources – 06/07/07-13/07/07)
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