But evidence seems to mount Following the Financial Mirror’s report that the Cyprus pound could enter the Exchange Rate Mechanism (ERM2) either on Monday May 2 or on Monday May 9, the Central Bank quickly issued a denial on Wednesday of any knowledge about the issue. “With reference to an article in a weekly newspaper,

Capital Intelligence, the international emerging markets rating agency, announced on April 27 that it had increased the foreign currency long-term rating of United Arab Emirates’ Investbank to BB+ from BB in view of the overall improvement in the bank’s financial position, which appears to be sustainable. The outlook reverts to ‘Stable’ from ‘Positive’, while other

Retail sales, both in terms of volume and value plunged sharply in January 2005, according to the Department of Statistics. The Turnover Volume Index of Retail Trade for January 2005 decreased by 41,0 units or 27,9% to 105,6 units compared to 146,6 in December 2004. For period January 2005 the Index recorded an increase of