Euro and Double Pricings

submit-an-article
print this article
send-to-a-friend
Decrease Font Size Increase Font Size

It has been over 5 months since the Euro became the national currency for Cyprus as well. The debate on whether it has increased prices or not continues but this article is not concerned about that.

What is confusing to some tourists (especially the British tourist) is the pricing on goods in two currencies, Euros and Cyprus Pounds. Many tourists are arriving on the island and looking at the prices and the thought which follows after seeing the price varies. So to make clear the situation on prices follows an explanation and an example of dual (double) pricing.

By law created for the transition from Cyprus Pounds to Euros, it is illegal not to place on the goods the price in Euro & the indicative price in Cyprus pounds (The price it is equal to in old CY£). This continues until the end of September when it no longer has to be done by law. So, if you were to see on an item the following: €20 / £11.71 it means the item costs €20 which you pay in Euros which is equal to CY£11.71 (which no longer are legal tender - they are worth nothing but can be changed at any Bank).

It is easy to mistake the £ symbol as English pounds but you don't go to other countries on holiday & see the price in your own currency do you? Except for those who use the Euro as their national Currency, whose numbers continue to rise.

Yiannakis