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Cyprus News Agency: News in English, 08-01-02

Cyprus News Agency: News in English Directory - Previous Article - Next Article

From: The Cyprus News Agency at <>


  • [01] CYPRUS - EURO

  • [01] CYPRUS - EURO

    Cyprus entered the euro-zone on 1st January 2008, replacing the Cyprus pound.

    To mark the occasion the Ministry of Finance hosted a special ceremony attended by President Tassos Papadopoulos.

    The introduction of the euro in Cyprus marks the beginning of a new era for the Republic, full of hope and changes for the better, President Papadopoulos.

    ``If our accession to the European Union is rightly considered as a great achievement, our entry to the eurozone and the adoption of the euro, can be justifiably described as an even greater deed, the President said.

    The government and the people of Cyprus have every right to be proud of this achievement and feel vindicated, he added.

    The last day of 2007 is the last day of the Cyprus pound as of tomorrow the euro will be part of our lives as the official currency of the Republic of Cyprus, a member state of the European Union, he said as he withdraw the first euro banknotes from an ATM machine at the Ministry of Finance.


    European Commission President Jose Manuel Barroso has welcomed Cyprus to the euro area of 15 European Union counties, stretching from the Mediterranean to the Artic Circle.

    In a written statement on the occasion of the adoption of the euro by Cyprus as from 1st January 2008, Barroso said the arrival of the Euro marks a new chapter of Cypriot history.

    The Commission President pointed out that joining the Euro area also offers significant political benefits. ``It will give Cyprus a greater say in international financial institutions and fora and greater sway within the European Union.``


    European Commissioner for Economic and Monetary Affairs Joaquin Almunia has said that with the adoption of the euro on January 1, 2008, Cyprus has become even more integrated in the heart of the European Union, less than four years after it joined the EU.

    ``This is thanks to the stability-orientated economic policies pursued by Cyprus, which I hope will continue after it adopts the euro,`` Almunia said.

    He encouraged the Cypriot people ``to embrace our shared currency with confidence because they are entering a monetary union that has proven its worth in terms of price stability and low interest rates.``

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