Cyprus is now in the final stages of adopting the euro as all products on sale must, as of yesterday, carry prices both in the Cyprus pound and the euro to ensure a smooth switch to the European currency next year.

Malta has been on a dual price regime statutorily since 1 July and voluntarily for much before that.

Consumers in Cyprus will have four months to monitor the price of products purchased in both currencies, so that they will be familiar with the euro on 1 January 2008.

In fact, many supermarkets in big cities have long offered the 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”.