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Cyprus Pound locks with Euro

By Editorial
Housing crisis exacerbated by permits approval

On Tuesday 10th July, the Cyprus Pound was locked with the Euro and will be worth 0.585274 pounds. The EU Ministers agreed that Cyprus and Malta should adopt the currency as expected on 1 January 2008.

The EU Ministers of Finance (ECOFIN) gave Cyprus and Malta the go-ahead to adopt the European single currency at a meeting in Brussels, attended by Cypriot Minister of Finance Michalis Sarris.

Portuguese Minister of Finance Fernando Teixeira dos Santos, whose country holds the rotating EU presidency, congratulated the two countries “for this achievement, which is the result of appropriate policies which have been conducted in the last years.”

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