ECONOMY

Mobile phone operators cut 20 pct off termination rates

Greece’s top three mobile phone companies, Cosmote, Vodafone and Wind Hellas, have announced a 20 percent cut in termination costs, effective as of January 1. Termination rates are the wholesale fees phone operators charge each other for connecting a call to its network. The fees are built into charges, therefore consumers are not able to spot what they are paying for. Greece’s largest mobile phone operator, Cosmote, said its termination rates will be reduced to 0.0624 euros per minute, in line with the new rates to be charged by its competitors. «It is Cosmote’s 10th consecutive reduction from the start of 2003 in favor of consumers,» the company said. The EU has pushed for the reduction of termination rates in a bid to boost competition in the sector across all members states and to lower charges for consumers.