CONSUMERS have been advised to be wary of being ripped-off when paying for goods in euros.

The Consumers Association yesterday told the Mail that, “many shops have for a while now been accepting payment in euros and other foreign currencies.” President Petros Marcou warned, however, that until December 31, 2007, the legal currency remains the Cyprus pound.

“Many shops may be accepting the euro from now, but the exchange rate offered may not always be in the consumer’s favour,” he said. “People must ensure that they are not on the receiving end of a raw deal.”

Marcou explained that it’s better for a consumer to exchange a foreign currency into Cyprus pounds at a local bank or to make sure that in the case where euros are handed over in a shop, “the exchange rate should be the same as the one offered at a bank.”
Regarding change given, “as the Cyprus pound is the legal tender, that is what is offered ninety-nine times out of one hundred,” he said.

When asked if customers were able to pay in a foreign currency at any Debenham’s store, the company’s spokesman said that they can, “but not at the till.” Emilios Epaminondas added that, “most currencies can be exchanged at our various Customer Desks. In the case of the euro, the rate offered is the same as the one fixed by the EU on Tuesday.
 

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