Athens News Agency: News in English, 03-03-14

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From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

[01] Weather Forecast: Scattered cloud on Friday

[02] Foreign Exchange Rates - Friday

[03] Gov't seeks price restraint to counter inflationary pressure

[01] Weather Forecast: Scattered cloud on Friday

Scattered cloud is forecast in all parts of the country, turning to showers in low lying areas of the northeast and snow on high ground. Winds variable, moderate to strong. In the north, temperatures will range from 1C to 9C; on the rest of the mainland from 5C to 15C; and in the islands from 9C to 16C. Temperatures in Athens between 6C and 14C; and in Thessaloniki from 3C to 9C.

[02] Foreign Exchange Rates - Friday

Reference buying rates per euro released by the European Central Bank

U.S. dollar 1.095

Pound sterling 0.682

Danish kroner 7.486

Swedish kroner 9.347

Japanese yen 129.6

Swiss franc 1.480

Norwegian kroner 7.882

Cyprus pound 0.587

Canadian dollar 1.624

Australian dollar 1.849

[03] Gov't seeks price restraint to counter inflationary pressure

The government said on Thursday that it wanted to see price restraint in consumer goods and public utility rates in a bid to counteract inflationary pressures, which drove up inflation to 4.3 percent in February.

Speaking to reporters after a cabinet meeting, Finance Minister Nikos Christodoulakis pledged that public utilities would not impose above-inflation rate hikes this year.

''In this adverse set of circumstances, the objective is for the Greek economy to hold its ground and maintain a growth outlook,'' Christodoulakis said.

Also singled out for price restraint were foodstuffs in stores and restaurants, in order to help attain underlying inflation of 3.0 percent in 2003 from 3.6 percent a year earlier.

Authorities would step up spot checks in the consumer and fuel market to curb profiteering, with oil prices up 70 percent against 2001, Christodoulakis warned.

He also urged for restraint in the transport sector, where price hikes were unwarranted.

Other measures to aid the economy decided by the cabinet were greater promotion abroad of Greece as a tourism venue.

Earlier in the day, the central bank said in its interim report on monetary policy that inflation for 2003 would rise above an average of 3.6 percent in 2002.

Underlying inflation would hold the same level in 2003 as in the previous year at roughly 3.6 percent, the Bank of Greece said.

The report also forecast that any major rise in fuel prices linked to a probable war on Iraq could lower the disposable income of Greeks.

If the price of oil rose by 10 US dollars a barrel, then the domestic inflation rate would gain another 0.5 percent, lowering disposable income by the same amount, the report said.

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