Minister hails good progress towards the euro

FINANCE Minister Michalis Sarris yesterday said Cyprus was on a satisfactory road towards the euro.

Speaking after a meeting with the National Advisory Committee for the euro and representatives from all political parties, Sarris said a progress report had shown there had been a vast improvement in recent months on the public’s knowledge about the euro.

“We clarified the way we should deal with our transition to the euro regarding price changing from Cyprus pounds to euros; all this was discussed and I believe our road towards the euro zone is a satisfactory one,” said Sarris.

Central Bank Governor Athanasios Orphanides agreed Cyprus was moving at a good pace towards euro zone accession on January 1, 2008.

“Wherever there are complaints, concerns over unjustifiable charges or unjustifiable price increases, we will observe them and examine them to see what we can do,” said Orphanides.

But this, he added, should not overshadow the vast progress that has been made in other areas, such as receiving all the euro bank notes.

“We have 70 per cent of the coins and in a few weeks you will start seeing them around,” Orphanides announced.

Sarris said a small number of complaints had been made over price increases, which was why the Euro Observatory Bodies (EOB) were asked to take a more active role and not wait for complaints before investigating the market.

Finally, the minister said there was a good relationship between the EOBs, businesses and consumers’ associations.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.