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ECB praises Cyprus population

Article Date : Tuesday, February 05, 2008       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

The population of Cyprus has been praised by the European Central Bank (ECB) for coping well with the currency changeover.

People on the Mediterranean island were said to have responded positively to the transition from the cypriot pound to the euro since the new currency entered circulation.

The organisation stated that towards the end of January, people were conducting their affairs with a "business as usual" approach, despite both currencies being in circulation during this period.

Only the euro is now considered legal tender in Cyprus after the February 1st deadline, although the outgoing currency was still able to be used for the first month after the changeover.

The ECB added that authorities on the island have also coped well with the transition, as they had ensured it had gone "smoothly and effectively".

This comes after the Telegraph predicted that the currency changeover would boost Cyprus's appeal to foreign property buyers, due to factors such as favourable interest rates and rising house prices.
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