Cyprus swaps its pounds for euros
Friday, 12 Oct 2007 09:22
The southern part of Cyprus will be swapping the pound for the euro on January 1st 2008.
However, holidaymakers on the island over the new year need not worry about spending their pounds in a hurry as both currencies will be accepted until February 1st 2008.
The tourist board explains after this date the Cyprus Pound will no longer be legal tender.
And to get visitors and residents ready for the change a dual pricing policy in both Cyprus pounds and euros is already in place, which is set to continue until September 30th 2008.
The Cyprus Tourism Organisation explained: "The official conversion rate, effective from January 1st 2008, has been set by the EU Council of Economic and Finance Ministers at one euro to 0.585274 Cyprus pounds, equivalent to one Cyprus pound to 1.71 euros."
It added the European Commission had praised the country's preparations for adopting the euro and expressed confidence the changeover arrangements were on track.