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 Republic’s legal tender on January 1, 2008.
Touring the capital’s 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.