Cyprus terminates dual pricing

The legal obligation for maintaining dual pricing in euro and Cyprus pounds was terminated on January 1st, 2009, one year after the accession of Cyprus to the euro-zone.
The coordinator of the campaign for the adoption of the euro, Andreas Charalambous, said that businesses are no longer obliged or encouraged to continue dual pricing. He noted that the experience of other euro-zone countries shows that it is important to stop using dual pricing after a certain period of time, in order to help people think exclusively in euro.
Pointing-out that dual pricing was an important measure which has helped people get used to the new currency, Charalambous added that both businesses and the public soon and with great success got used to the new legal tender.
He also said that since this goal has been achieved, it is now the right time to end the compulsory dual pricing.
Marking one year since joining the euro, Finance Minister Charilaos Stavrakis said that accession to the euro-area has made the local economy and its banking system more stable.
Cyprus was the 14th European Union member to join euro-zone on 1st January 2008. The exchange rate of the Cyprus pound to the euro has been set at 0.585274. One Cyprus pounds corresponds to 1.71 euro.