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Cyprus News Agency: News in English, 07-09-01
CONTENTS
[01] FINANCE MINISTER - EURO - CYPRUS POUND
[01] FINANCE MINISTER - EURO - CYPRUS POUND
Prices of goods and services in Cyprus for the next twelve months will
have to be displayed in the local currency, the Cyprus pound, as well
as in euro, in anticipation of the adoption of the euro as the
Republics legal tender on January 1, 2008.
Touring the capitals main street on Saturday, day one of the compulsory
double pricing, Minister of Finance Michalis Sarris said that all shops
have adopted the double pricing policy and described September 1st as a
very important date.
Sarris, who was accompanied by supervisors of Nicosia Euro-obsevaroty,
Cyprus Chamber and Commerce President Manthos Mavrommatis and membes of
the Coordinating Committee for the Euro at the Finance Ministry, said
``everything has be done the right way and this makes us optimistic
that all will turn out well.``
Speaking at a press conference on Friday, Sarris explained that the aim
of the double pricing system and the Fair Pricing Code was to ease the
adoption of the euro, noting that consumers will have four months to
monitor prices and familiarize themselves with both currencies.
Cyprus acceded to the EU on 1 May 2004 and is set to join the Eurozone
on 1 January 2008. On July 10th, EU Finance Ministers set the permanent
conversion rates of the Cyprus pound against the euro at 0.585274.
Another EU member, Malta, will also adopt the euro in January next
year.
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