Cypriot authorities prepare for euro entry

Friday December 7th , 2007

Authorities in Cyprus have begun distributing information regarding its forthcoming entry into the euro.

The island will join the single European currency at the beginning January, prompting organisations such as the Central Bank of Cyprus to issue messages of reassurance.

According to the Financial Mirror, some people have expressed concerns that the price of various goods and services will rise as soon as enters the euro.

However, the bank has stated that this will not occur and that there will be no negative impact on the island's citizens.

The organisation is working in collaboration with Cyprus' ministry of finance on the information drive, which is being intensified ahead of the transition.

This follows a warning from Travelex that many regular visitors to the island may be unprepared for the forthcoming change of currency.

Earlier this week, the firm advised British travellers to make sure they either spent or converted any leftover Cypriot pounds, as they will be unusable after January 1st.