Cyprus pound 'almost out of circulation'

Wednesday January 30th , 2008

The government in Cyprus has revealed that the pound is almost completely out of circulation.

Finance minister Michalis Sarris stated that people on the island had now become accustomed to using the euro since the currency changeover four weeks ago.

Speaking to the Financial Mirror, he said the new notes and coins were being used in about 95 per cent of transactions.

This is good news for authorities in Cyprus, as the old currency will cease to be legal tender at the end of this month.

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

He added that since banks had now stopped distributing pounds, it was becoming increasingly difficult to find them changing hands.

This comes after a poll by the Famagusta Gazette showed that public opinion regarding the new currency has been divided since the changeover.

Whereas 37 per cent said they loved the euro, 17 per cent of respondents wanted to switch back to the pound.