Cyprus cuts rates before eurozone entry

The Central Bank of Cyprus's rate-setting board on Friday unexpectedly slashed rates by 50 basis points to 4% to match the European Central Bank's benchmark rate.

The move is aimed at clarifying confusion among commercial banks about which interest rates to charge on existing loans after the country adopts the euro on 1 January.

"There were some doubts at how the conversation would work on existing loans," said Athanasios Orphanides, the governor of the central bank. "Reading some press report

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