Cyprus Prepares for Fixing of Euro Rate

Finance Minister Michalis Sarris described as “very important element” the fixing of the irrevocable exchange rate of the Cyprus pound against the euro which will take place on 10 July, and will set the “irreversible relationship” of the two currencies.

“Indications show that the parity of the two currencies will remain at the current level. There was never any pressure exerted on the Cyprus pound”, said Sarris, assuring that there are no reasons for concern.

Speaking during a meeting with journalists, Sarris said that the “locking” of the two currencies will be examined by the European Central Bank, the European Commission and Cyprus’s Finance Minister and Governor of the Central Bank.

He also said that as soon as the irrevocable exchange rate of the Cyprus pound against the euro is fixed, the government will begin an enlightenment campaign, while dual display of prices officially starts on September 1.