Cyprus entering final stretch of Euro adoption

Cyprus is entering the final stretch on Saturday for adopting the Euro on 1 January 2008, when the equivalent of one Euro will be 0.585274 Cyprus pounds.

As of September 1, all products will carry prices in the Cyprus pound and the Euro, a move which has been described by Minister of Finance Michalis Sarris as ”an important aspect of preparation and information of the Cypriots for the smooth introduction of the Euro.”

Sarris told reporters on Friday at a press conference that the business sector appears ready to introduce the double pricing system, four months ahead of the switch to the European currency.

He added that the aim of the double pricing system and the Fair Pricing Code was the smoothest possible adoption of the Euro, noting that the consumers would have four months to monitor the price of products purchased in both currencies, so that they are familiar with the new currency on January 1.

Sarris pointed out that businesspeople would also have the opportunity to get acquainted with the Euro and build a good relationship with their customers.

Present at the press conference were head of the European Commission delegation to Cyprus Themis Themistocleous and Director of the Directorate for Economic Research and EU Affairs at the Ministry of Finance Andreas Charalambous.

Cyprus acceded to the EU on 1 May 2004 and is set to join the Eurozone on 1 January 2008.