European Commission: Cyprus and Malta Smoothly Transition to Euro
The European Commission (EU) hailed the smooth transition of Cyprus and Malta in joining the eurozone. Both countries began using new coins and banknotes January 1 when they officially adopted the euro. According to an EU release, retailers provided customers change only in euro:
- 92% of the time in Cyprus
- 91% of the time in Malta
On the flip side, the people of both countries still held a fair share of their national currency in their pockets and purses. According to the same EU release, a survey on January 2 indicated:
Cyprus residents:
- 12% had only euro banknotes
- 20% had only euro coins
- 31% were mostly carrying euro banknotes
- 26% had mostly euro coins
Malta residents:
- 42% had only or mostly euro banknotes
- 52% had only or mostly euro coins
Given Cyprus has an estimated population of nearly 800,000 and Malta approximately 402,000, the reported numbers are impressive.
More information about the transition can be read via the embedded news content from AFP.com here:
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January 4th, 2008 at 5:33 am
I hope that Scandinavian Royal Mint Inc. in Salt Lake City, Utah will receive first Cyprus and Malta Mint Sets. I can’t wait to buy it from Scandinavian Royal Mint!