Cyprus adopts dual pricing system to ensure smooth euro transition

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    NICOSIA, Sept. 1 (Xinhua) -- Cyprus is at the final stage of adopting the euro Saturday as all products on sale must carry prices both in the Cyprus pound and the euro to ensure a smooth switch to the European currency next year.
    Consumers will have four months to monitor the price of products purchased in both currencies, so they can become familiar with the euro on Jan. 1, 2008.
    In fact, many supermarkets in big cities have long before offered an equivalent price in euro on sale tags and receipts.
    On Friday, Finance Minister Michalis Sarris described the dual pricing system as "an important aspect of preparation and information of the Cypriots for the smooth introduction of the euro."
    The business sector appears ready to introduce the dual pricing system, four months ahead of the switch to the euro, he said at a news conference.
    Cyprus entered the European Union in May 2004 and has been approved to join the euro zone on Jan. 1, 2008 with Malta, another Mediterranean island nation.
               
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