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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.