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Cyprus now more integrated to the EU

European Commissioner for Economic and Monetary Affairs Joaquin Almunia has said that with the adoption of the euro on January 1st, 2008, Cyprus has become even more integrated in the heart of the European Union, less than four years after it joined the EU.

This is thanks to the stability-orientated economic policies pursued by Cyprus, which I hope will continue after it adopts the euro, Almunia said.

He encouraged the Cypriot people to embrace our shared currency with confidence because they are entering a monetary union that has proven its worth in terms of price stability and low interest rates.

The euro has replaced the Cyprus pound at a rate of CYP 0.585274 for one euro (or € 1.71 per pound), following a decision taken by the Ecofin Council in July on Commission proposals.

During the dual circulation period running until 31 January 2008, the Cyprus pound can still be used in daily cash payments in parallel with the euro. It is however expected that already in a couple of days the cash changeover will be completed and virtually all cash transactions will be carried out in euro.

Citizens in Cyprus are able to withdraw euro cash from ATMs and to use it for daily payments.

Cypriot citizens warmly welcomed their new currency, and a celebration was organised at the Ministry of Finance.

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