The European Central Bank (ECB) said yesterday that the switch from the Cyprus pound and Maltese liri to the euro is completed.
During the transition period, the euro or legacy currencies could be used in making payments. Feb. 1, 2008 marked the date where the euro became the only allowed legal tender currency for both countries.
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:
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 and Malta will both adopt the Euro on Jan. 1, 2008. When that happens, a total of 15 European Union (EU) countries will share the same currency.
Switching a country and its population over to an entirely new currency is no small task, but everything appears to be going well based on an European Commission release:
|
||||||||
