ECB praises Cypriot authorities

Tuesday February 5th , 2008

Authorities in Cyprus have been praised by the European Central Bank (ECB) for their effective handling of the currency changeover.

The organisation said that the transition from the pound to the euro had progressed smoothly and without any need to adjust earlier plans.

Cyprus adopted the euro at the beginning of January 2008, although both currencies were in dual circulation for the following month.

However, the euro is now the sole legal tender on the Mediterranean island following the total withdrawal of the pound.

Commenting on the changeover, the ECB said: "The progress achieved during the dual circulation period bears witness to the efficiency and effectiveness of the preparatory work."

The bank went on to praise the island's population for their "very positive" response to the new currency.

Cyprus's entry into the single currency came almost four years after it became a member of the European Union.