Technical work will begin for the TRNC to adopt the Euro(€), in the event of Cyprus Settlement.

Turkish NTV news channel reports that European Union (EU) experts will come to Cyprus to begin work on the process with Turkish Cypriot officials, at the same time, adjusting the TRNC customs union in order to harmonise with the standards of the EU.

President Mustafa Akinci told NTV correspondent Selim Sayri that during the Presidents’ meeting on Monday, they had agreed to form a technical committee to work on economic harmonisation. The committee is expected to begin its work at the end of October 2015.

Akinci said that by bringing experts over from the EU, the aim is to complete the Turkish Cypriots’ preparations for adopting the Euro as soon as possible. He noted that it will take one year to adopt the Euro in the event of a solution being agreed by a referendum, during which time the Turkish lira will remain in use.

“This is a process. Adopting the Euro and the customs union will constitute the first stage. Afterwards harmonisation with the EU on the health, environment and other issues will come onto the agenda”, he noted.

Credit: LGC News