As most of us are already aware, we are very close to our entry into the Euozone. The House of Representatives has already passed all of the necessary legislation in order to facilitate our transition into the Euro. The relevant law is the Adoption of the Euro Law of 2007. The law contains provisions for the conversion of Cyprus pounds into Euros, dual prices, dual circulations and measures for combating profiterring.
The governor of the Cyprus Central Bank, Mr Athanasios Orphanides, recently stated that our admission to the Eurozone was a ‘tremendous achievement… for Cyprus.
In June 2007, the EU Commissioner for the internal Market said at a meeting of the Cyprus Chamber of Commerce that the introduction of the Euro into Cyprus is ‘a major success story’ since the currency has removed trade barriers and in this way will improve the Cyprus economy.
We will just have to wait and see whether our entry into the Eurozone will prove to be a major success
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