Euro changeover is almost finished

TWO WEEKS after euro adoption, more than 90 per cent of all transactions are being carried out in the new currency, the EU’s latest monitoring report on Cyprus said.

“The active phase of the euro changeover is now nearly finished in Cyprus and Malta. Thanks to intensive and systematic preparations and to the active and enthusiastic participation of citizens, the euro has been introduced quickly but smoothly into the daily life of the Cypriot and Maltese populations and the former currencies have now nearly vanished from wallets,” said the report.

By January 12 in Cyprus, 99 per cent of retailers were giving change only in euros and 93 per cent of Cypriots were carrying only – or mostly – euros in their wallets. Over three quarters are now carrying only euros.

The report said that in only ten days, there had been more than 250,000 euro withdrawals from ATMs in Cyprus, while over-the-counter bank transactions reached 336,000.

The EU said that assuming people had made only one visit to their bank 54 percent of Cypriots over the age of 15 had braved long queues to obtain their new currency during only eight bank opening days.

“I want to congratulate the Maltese and Cypriot authorities for their excellent preparation and the citizens for the warm welcome they have given to their new currency. The entry of the two islands opens a new chapter in the short but already rich history of the euro area. The authorities must now remain committed to implementing the same sound policies which were needed to join the euro and are needed to reap its full benefits,” said Economic Affairs Commissioner Joaquín Almunia.

The EU report said cases of rounding up prices during this period of euro changeover were being systematically investigated authorities and the consumer associations in both Cyprus and Malta.

“Consumers are encouraged to remain vigilant and to report any cases of unfair pricing to the authorities or consumer associations,” the report said.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.