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Cyprus set to join Euro zone by Jan. 1, 2008
2005-11-03 12:29:41

Nicosia, Nov 2 - The cabinet approved a decision to set 1st January 2008 as the date for Cyprus joining the Euro zone.

Government Spokesman Kypros Chrysostomides told reporters yesterday that the cabinet was informed on the progress of implementing a strategic action plan to introduce the Euro in Cyprus.

''After thorough discussion and evaluation of the facts, the cabinet approved a suggestion to join the Euro zone by the 1st of January 2008,'' Chrysostomides said, adding that it approved the suggestion of the Minister of Commerce, Industry and Tourism to participate in a national advisory committee.

The Minister of Finance, in cooperation with the Governor of the Central Bank, will meet political party leaders or their representatives to inform them on the action plan to introduce the Euro.

Cyprus' pound is in the ERM2 stabilisation grid against the Euro. It joined the ERM mechanism, a two-year ante-room to Euro adoption, in April 2005.

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