Banks close to help euro changeover

Friday December 21st , 2007

Banks and businesses in Cyprus are to close for business temporarily on New Year's Eve, it has been reported.

According to the Famagusta Gazette, this will help to ensure that the changeover to the euro will go as smoothly as possible.

The Mediterranean island is to adopt the single European currency on January 1st, although many organisations have been receiving notes and currency in advance.

During the hours between 10:00 and 13:00 local time, banks will not engage in any business with customers.

Both Cypriot nationals and foreign people in the country are set to be affected by the forthcoming currency change.

British travellers were recently advised by Travelex to make sure any outstanding Cyprus pounds were either spent or converted into euros ahead of the transition.

The island's entry into the single currency comes three and a half years after it joined the European Union.