CTC-ARI first to introduce locked euro exchange rate

Customers of CTC-ARI Airports in Larnaca and Paphos International Airports will be able to take advantage of the locked euro exchange rate. The airport retailer has taken the bold step of effectively being one of the first companies in Cyprus to offer the locked euro exchange rate to consumers purchasing products with euro cash.  Therefore, from 1st September those who tender euro cash as payment in both airport purchases will be converted at the new locked rate of 0.585274.

Gerry Crawford (General Manager) explains:  “  We have a somewhat unusual situation for consumers in that they are being informed that the exchange rate is locked whereas in reality it will continue to float until next year.  Technically, the fixed rate does not have to be applied by retailers or other businesses until 1st January 2008, when they accept euro transactions.

We are probably one of the few companies in Cyprus that currently accept Euros as payment and our objective is to make the situation crystal clear for all our consumers and simplify the transition to the Euro currency.  Therefore from September 1st not only will we be displaying the correct equivalent euro price tag for all products, we will actually be applying the locked exchange rate agreed by the Central Bank for the Euro in all of our Euro transactions. 

Therefore, if consumers wish to pay for their goods in any of our stores at the airports in euro currency they will get the benefit of the locked rate immediately.  We believe this will ease confusion and generally allow a much easier transition to the new currency”.