Offshore banking units registered in Cyprus increased their investments by more than US$1.7 billion during the first ten months of 2004, according to figures released by the Central Bank.
The statistics, published by the Financial Mirror, reveal that total investments by all the International Banking Units (IBUs) in Cyprus gained US$845 million in October alone to US3.94 billion as the increase for the first ten months reached US$1.72 billion.
It is believed that the lion’s share of these funds is being channelled through Cyprus-based IBUs en route to Russia by way of utilizing the double taxation treaty in effect between the two countries.
The figures also showed that total advances by all IBUs in the first ten months of the year rose sharply to reach just under US$501.2 million.
However, this coincided with a large decline in customer deposits, down by US$312.5 million to the end of October 2004, whilst IBU liabilities to other banks rose by US$2 billion in the first ten months of the year to US$6.5 billion, again perhaps emphasizing the conduit role of the Cyprus banks.
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