The Monetary Policy Committee of the Central Bank voted to slash interest rates by 50 basis points effective May 20, 2005 in the first official move to bring Cyprus’ interest rates close to prevailing euro-zone rates following the inclusion of the Cyprus pound in ERM2 since May 2. The Governor of the Central Bank Christodoulos

Cyprus Airways (CAIR), the troubled national airline restated its net losses for 2004 sharply higher, with net losses following the audit now reported at CYP 39.35 mln compared to the preliminary loss of CYP 33.5 mln announced previously and net losses of CYP 20.87 mln reported in 2003. The addition in losses was blamed on

CyTA has reduced its prices for broadband access to the Internet in an effort to encourage more people to shift to broadband following its new tariffs policy that is set to go into effect from June 1, 2005. CyTA is rolling out its broadband i-choice service and also reducing its price for its high definition

The European Commission and EU member states, will undertake a feasibility study in the second half of 2005 to determine the future role of Customs in the EU as both facilitator and regulator of trade. The decision was one of the outcomes of the 72nd Meeting of the Directors General of Customs of the EU