Cyprus pounds disappear after euro switch

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CYPRUS POUNDS DISAPPEAR AFTER EURO SWITCH

Wednesday, 30 Jan 2008

Cyprus's government has revealed that the pound is nearly out of circulation following the country's recent entry into the euro.

Cyprus pounds disappear after euro switch

The outgoing currency will cease to be legal tender from the beginning of February, following the island's accession to the euro earlier this month.

However, finance minister Michalis Sarris said the new notes and coins were already being used in the majority of transactions ahead of the deadline.

Speaking to the Financial Mirror, he stated that euros were changing hands in 95 per cent of all commercial and business dealings.

Mr Sarris commented: "Just a couple of days before double circulation ends, the euro is almost the exclusive currency of Cyprus."

He added that consumers and businesspeople located away from the large towns and cities were also mainly trading in euros.

According to a recent poll by the Famagusta Gazette, more than one in three people in Cyprus love the new currency.

However, 17 per cent of respondents said they hated the euro, while many thought it was still too early to comment.

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