YEREVAN, August 4. /ARKA/. Russia said on Monday it would initiate a process to scrap an agreement with Cyprus aimed at avoiding double taxation, the Russian Finance Ministry said on Monday, TASS reported.

"The Russian Finance Ministry starts the agreement denouncing procedure to fulfill the assignment of the Russian President on taxation of incomes in the form of dividends and interest paid from the territory of the Russian Federation to the Republic of Cyprus at the rate of 15%," the Ministry says.

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Cyprus has appointed Chrystalla Geoghadji as the new governor of the country’s central bank; Prime reported citing Cyprus media reports

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Tags: Central Bank, Chrystalla Geoghadji, Cyprus

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Cyprus has earmarked 340 million euros ($467.5 million) to help combat joblessness, which is expected to peak next year at over 19 percent in the bailed-out country, The Washington Post reported referring to AP

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Write-offs to the uninsured portion of deposits in the Bank of Cyprus will be 47.5% – the funds will be converted into shares of the bank, said on Monday the deputy spokesman of the Government of Cyprus Victor Papadopoulos at a briefing in Nicosia, CypLive reported

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Rating Agency Standard and Poor`s raised on Wednesday Cyprus` long-term foreign and local currency sovereign credit ratings to `CCC+` from `SD` (selective default) with a stable outlook, following the successful exchange of €1 billion government bond`s with longer maturities, RBC reported citing Reuters

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The International Monetary Fund’s executive board approved a $1.3 billion (853.7 million pounds), three-year loan to Cyprus on Wednesda

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Cyprus’s first aid payment has been officially approved by the European Stability Mechanism, the unit responsible for providing funding for euro-area bailouts

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Cypriot banks lost 1.8 billion euros ($2.4 billion) in deposits in March, when the country agreed to tax bank deposits as part of a European Union-led bailout

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Cyprus Finance Ministry issued a decree that allows you to bring in the country are foreign financial institutions from the application of measures restricting banking, ypLive. Com reports

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Tags: Banks, Cyprus, FINANCE MINISTER

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Cyprus’s finance minister said on Wednesday he anticipated the island nation to sell part of its gold reserves “during the next months”, but the final decision rested with the central bank, Reuters reported today

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