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Cyprus Terminates Dual Pricing
2009-01-02 14:21:54

Nicosia, Jan 2 - The legal obligation for dual pricing in euro and Cyprus pounds was terminated on January 1, 2009, one year after the accession of Cyprus to the euro-zone.

The coordinator of the campaign for the adoption of the euro, Andreas Charalambous, told CNA Friday that businesses are no longer obliged or encouraged to continue dual pricing.

He noted that the experience of other euro-zone countries shows that it is important to stop using dual pricing after a certain period of time, in order to help people think exclusively in euro.

Pointing out that dual pricing was an important measure which has helped people get used to the new currency, Mr. Charalambous added that both businesses and the public soon and with great success got used to the new legal tender.

He also said that since this goal has been achieved, it is now the right time to end the compulsory dual pricing.

Marking one year since joining the euro, Finance Minister Charilaos Stavrakis said Wednesday that accession to the euro-area has made the local economy and its banking system more stable.

In his message, Governor of the Central Bank Athanasios Orphanides said that Cyprus’s accession to the euro-area acted as a protection shield against the fallout of the current international financial crisis. Describing accession to the euro-zone “a historic development,” Mr. Orphanides recalled that the road to the euro introduced many modern changes which aligned Cyprus with modern economic notions and European reality.

Cyprus was the 14th European Union member to join euro-zone on January 1, 2008.

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