Britons unaware of euro adoption

ALMOST three quarters of British tourists are unaware that Cyprus is joining the euro on January 1 and are being warned over taking home large amounts in Cypriot pounds when they return from holidays.

The UK is Cyprus’ biggest tourism market, with some 1.5 million Britons holidaying on the island each year.

New research carried out by Travelex found that 73 per cent of British travellers are unaware that both Cyprus and Malta will be adopting the single currency on January 1.

Travelex said the Cyprus pound and the Maltese lira are in the top ten currencies sold by them, and it is urging tourists to both countries to use up or exchange whatever they have left before they become redundant.

“Our research shows that 50 per cent of travellers don’t exchange their leftover travel money, and with the change in currency coming up in two major holiday destinations, we are urging travellers to make sure they don’t lose out,” said Steve O’Donovan, Regional Divisional Director of Travelex Outsourcing.

“Cyprus and Malta are two of the leading destinations for our customers, many of whom visit frequently throughout the year. It’s concerning that so many people are unaware of the switch over to euros,” Jacqui Holt, Head of Sales, Financial Services at Thomas Cook told Earthtimes magazine.

But regular British visitors to the island need not panic or feel they are stuck with Cyprus pounds.

Banks in Cyprus will exchange Cyprus pound banknotes and coins into euro free of charge until June 30, 2008, for amounts up to £1,000 per customer and per transaction in the case of banknotes, and up to £50 in the case of coins.

The Central Bank will also continue to exchanges national banknotes until ten years after euro day, and coins until two years after this date, also free of charge.