Cyprus SMEs, businesses will need 140kg of euro coins

Cyprus is not expected to face any serious problems during the phasing in of the euro as long as all issues are tackled in a positive and constructive manner, said Athens Industry Chamber president Pavlos Ravanis.

Speaking at the Bank of Cyprus-sponsored public seminar on “Pounds today, Euros tomorrow – Are we ready?” Ravanis focused on the example from Greece and referred issues such as software, price lists and the introduction of a large supply of coins and notes to combat any profiteering, which he explained will more likely occur on great-demand consumer goods with low prices, rather than luxury goods.

Demetris Loucaides of the bank’s Administration and Procedural Services referred to the preparation by businesses, especially as regards software, documents, cheques, interest rates, exchange and the stocking up of euros before and after the introduction on January 1, 2008.

He added that during the initial 10-12 day period, a small to medium sized enterprise must stock sufficient coins and paper notes. If a turnover of about EUR 10,000 (CYP 6,000) is anticipated, then that business should have about 140 kilos of euro coins.

Finally, Constantinos Karagiorgis of the Ministry of Finance referred to the benefits of the introduction of the euro, as well as economic and social progress, favourable lending terms, ease in exports, consumer protection, double display of prices and the EuroObservation centres to investigate any allegation of profiteering.