FEARING THAT retailers will take advantage of the ensuing confusion if Cyprus converts to the euro as planned on January 1, 2008, the majority of Cypriots said that they feel they are not adequately informed about the issue of the euro, according to a Central Bank study.
At the same time, three in four are interested in learning more about the effects of replacing the pound with the euro.
The study, undertaken by Cyprus College, took place in the second half of June, shortly after the official opening of an informational campaign on the adoption of the euro.
The largest percentage of those who felt uninformed about the Euro was among rural residents, women, the elderly and manual labourers.
Only about a third of the population knew – mostly as a result of newspaper and television coverage – that an official informational campaign on the euro was under way.
The public focus on the May parliamentary elections may partly account for the lack of public knowledge about the £1 million campaign, which kicked off at the end of May.
Running for two years, the media campaign is designed to convince Cypriots that their concerns over the adoption of the euro are misconceived.
The greatest concern voiced in the latest study was that sellers would exploit the transition from pound to euro and that prices would be revaluated. Half of all those surveyed wanted increased media focus on how the public could defend itself from such cases of profiteering.
Television, printed media and radio were voted as the preferred mediums by which the government could convey euro-related information to the public, while lectures, call centres and internet sites ranked low among participants.
Almost 60 per cent of the participants were aware that the Finance Ministry and the Central Bank are responsible for the informational campaign.
In contrast to the results of a December 2005 survey that Cyprus College conducted –which found that most Cypriots believed the euro would affect them negatively and opposed the replacement of the national currency – the latest study revealed a more positive perception of the euro.
Thirty-one per cent felt the change to the euro would benefit businesses and the economy a great deal, 33 per cent the change would benefit them a little, and 17 per cent that it would not benefit them. The other 20 per cent responded that they did not know.
Compared to the December study, there has also been a reduction in the number of people who would like to see the adoption of the euro postponed until after January 1, 2008.
Authorities say they are committed to the January 2008 target in spite of a call from the senior partner in the centre-left governing coalition to delay adoption until 2009.
Communist AKEL says the delay would allow Cypriots to better digest the changeover and allow authorities to cushion vulnerable groups from the transition.
The study consisted of personal home interviews of 800 people aged 18 to 65 from June 15 to July 2.
Central Bank head Christodoulos Christodoulou said that the study demonstrates the “need to intensify the [informational] campaign” on the euro with “extra attention” given to those groups who feel most in the dark.
