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Section 6 of the Central Bank of Cyprus Law confers following functions upon the bank.
In recent times, the Central Bank of Cyprus has intensified its efforts to liberalize the financial sector of the country.
With this objective in mind, the central bank has adopted a new monetary policy framework since 1996. The liquid asset ratio, the main instrument of monetary policy, has therefore been discarded. The abolition of the statutory interest rate ceiling on 1 January 2001 has been a cornerstone in the liberalization process of the financial sector. The Central Bank is also acting vigorously to regulate the banking system in the country and ensure its stability.
In Nigeria, as well as around the world, a majority of taxpayers view tax not as a contractual contribution to government expense, but as an involuntary tribute to be paid to avoid prosecution and penalty. Merely transcribing taxes from economic textbooks into local law will not work; tax regimes have to be developed from within the society, and targeted at the peculiar needs of the government. Tax policies have to be written by the people – and for the people. Only then would a sense of participation and expectation be truly generated, and the tax system manifestly effective. Read more
Mohamed A. El-Erian,
Isam al Khafaji,
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