By Rodney Wilson
This is an evaluate of the exterior monetary family of the island of Cyprus related to alternate, finance and tourism. Cyprus has an more and more open financial system, and a research of its exterior financial family members is, to a substantial volume, a profile of its glossy development.
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The major contribution of the incoming British administration was in the sphere of infrastructure development, with the substantial improvements to the island's road system and the ports. This resulted in the economy being better integrated than hitherto, and facilitated the marketing of agricultural produce, both domestically and abroad. There was no dramatic improvement in agricultural production, however, and crop yields continued to fluctuate with respect to the vagaries of the weather more than any other factor.
As long as taxes were forthcoming, the Ottoman rulers interfered relatively little in the life of the community, and in practice it was the Greek Orthodox priests who became the symbols of authority in most villages, not the more distant Turks who largely occupied the towns. There was some Moslem settlement of public lands and unsettled areas, but this was to bring new areas into production to increase tax revenues, and not as a deliberate policy of colonisation to change the religious or ethnic balance of the island.
Clearly the currency position was not only potentially disruptive for trade between the island and Britain, but could also complicate financial affairs, and impede the smooth administration of everyday government business. Britain therefore introduced a large quantity of gold coin, which was exchanged for Ottoman piastres, and tied the currency to the gold standard. It subsequently became the most stable currency in the region, and the Ottoman paper money, known as the caime, was gradually phased out.
Cyprus and the International Economy by Rodney Wilson