Financial Mirror (Cyprus) - - FRONT PAGE -

new di­rec­tive or­ders all EU mem­ber states to ex­change in­for­ma­tion with each other about all EU res­i­dents who earn in­ter­est on sav­ings and in­vest­ments in one mem­ber state, but live in an­other. A 15% rate will be de­ducted at source.



Cyta in­tro­duced a new tar­iff pol­icy on fixed tele­phony and monthly rental fees. The con­nec­tion fee will rise from CYP 30 to 37 and the fixed line monthly fee from CYP 5 to 6.95. ISDN con­nec­tion will rise from CYP 40 to 60 and the monthly fee from CYP 8 to 13.40. Call charges for fixed to fixed tele­phony will drop from 2c per 2 min­utes to 0.88c per minute and 0.76c off peak hours. ADSL rates re­main un­changed.

Cypriot busi­nesses are pay­ing much more for their loans than their peers of all the six ERM2 en­trants. Ac­cord­ing to Euro­stat, the 3month money-mar­ket in­ter­est rate in the eu­ro­zone was only 2.14%, but in Cyprus it was 282 ba­sis points higher at 4.96%. In Slove­nia it was 4.05%, in Latvia 3.26% and so on.





The ma­jor­ity state-owned Cyprus Devel­op­ment Bank re­ported a profit be­fore pro­vi­sions for NPLs of CYP 1.9 mln, from a loss of 2.7 mln in 2003.

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