Cyprus to decide on ERM by year end

Cyprus will decide by the end of the year on the timing of its application to join the European exchange rate mechanism (ERM2), according to Finance Minister Makis Keravnos.

The island's stated aim of joining the euro zone in 2007 has not changed, he told reporters after a meeting with Central Bank governor Christodoulos Christodoulou.

"The issue of the application is under review all the time, as we speak," Keravnos said.

"Before the end of the year there should be a conclusion on how to hand

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