Cypriots comfortable happy with euro switch

MOST Cypriots believe the island’s admission to the euro zone will have a positive impact on the national economy and their own finances, a Central Bank commissioned survey said yesterday.

Cyprus switched its pounds for euros on January 1. While eight in 10 Cypriots said they had become accustomed to doing transactions in euros, about 55 per cent of respondents were still thinking about the cost of goods in pound terms, the survey said.

Twenty six per cent juggled with both denominations, while straight euro-thinkers were the minority of 19 per cent.

Yesterday was the last day where the dual circulation of pounds and euros was permitted.

“The survey showed that Cyprus pounds and coins quickly vanished, with a large percentage of respondents no longer having any in their possession,” the Central Bank said.

Reflecting concerns of profiteering, eight in 10 Cypriots checked their change in euros, though only 34 per cent checked whether their euro notes were counterfeit.

However, there was a marked lack of response to cases of suspected profiteering where prices were rounded upwards. Ninety six per cent of people paid up, with only four per cent shopping elsewhere or reporting retailers to authorities.

The survey was carried out by the European University Cyprus with 687 respondents.

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.