The national web page for the euro hosts a useful guide for the smooth transition of the retail trade businesses to the common currency.

The Guide includes useful advice for the traders, who must ‘forget’ transactions in Cyprus pounds and adjust themselves to the new currency.

According to the Guide, the double inscription of prices is useful for businessmen, since the customers and the staff will familiarize themselves with the euro prices.

Period of double inscription

In the first days of circulation of the new currency, many customers will continue to pay in Cyprus pounds. “As a trader, you will accept the Cyprus pounds but you will give change in euros. This means that you must be in the position to convert the Cyprus pound into euro. The pounds that you will receive must be withdrawn, either by depositing them in your account or converting them into euros in any commercial bank or Cooperative”, the Guide reported.

The Guide also includes information on the cash machines and the training of the staff.

The Guide has been prepared by POVEK in cooperation with the Ministry of Finance and the Central Bank. Its supervision has been undertaken by the committee for the preparation of the business sector for the adoption of the euro in Cyprus, chaired by the Ministry of Commerce, Industry and Tourism.