Cyprus Economy

Economy

Economic affairs in Cyprus are dominated by the division of the country.

The Cypriot economy is prosperous and has diversified in recent years. Cyprus has been sought as a basis for several offshore businesses, due to its highly developed infrastructure. Economic policy of the Cyprus government has focused on meeting the criteria for admission to the European Union.

Recently, oil has been discovered in the sea south of Cyprus (between Cyprus and Egypt) and talks are under way with Egypt to reach an agreement as to the exploitation of these resources. The level of the oil field in terms of production (barrels per day) that the two countries will be able to produce is still a matter of speculation.

Eventual adoption of the euro currency is required of all new countries joining the European Union, and the Cyprus government currently intends to adopt the currency on 1 January 2008.

The largest bank on the island is the Bank of Cyprus.

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