Cyprus' adoption of the euro 'will offer the country significant benefits'

Cyprus will benefit significantly from the adoption of the euro as its currency, which is expected to receive approval in July from EU finance ministers, according to the country's president, Tassos Papadopoulos.

Speaking at the annual general meeting of Cyprus' Employers and Industrialists Federation (OEB), President Tassos explained that the country will see "tangible benefits for the economy" upon accepting the euro.

Furthermore, property investors in the region could stand to benefit, as the president noted that the government has a policy of actively promoting investment in a number of sectors, the Financial Mirror reports.

Andreas Pittas, president of the OEB, commented: "The European framework offers us safeguards for continuous economic growth, fiscal discipline and political stability."

He concluded that Cyprus' accession to the EU has been a success in political, social and economic terms.

Last week, the EU praised the progress made by Cyprus in preparing for adoption of the euro, although it advised that more work still needs to be done to ensure a smooth transition from the Cypriot pound.