Cypriot authorities praised for euro transition

Authorities in Cyprus have been praised for their handling of the recent change in currency.

The European commission (EC) commended the island for ensuring the transition to the euro went smoothly and efficiently.

According to a poll by the organisation, most Cypriot nationals believe the changeover went according to plan and without significant disruption.

Furthermore, 95 per cent of respondents were found to have got used to the new notes, while 81 per cent can easily identify each coin.

The EC went on to praise authorities for ensuring that inflation was kept at a reasonable level during the transitional period.

This was partly because in recent months, many European nations have been dealing with soaring living costs, oil prices and energy bills.

Cyprus became a member of the euro on New Year's Day 2008 along with Malta, which means 15 countries now use the single currency.

This comes after the Independent stated that Cyprus does not seem to have been negatively affected by the worldwide financial crisis.

According to the publication, this development represents a "convincing case" for the island's investment credentials.