Brussels, 04/01/2008 (Agence Europe) - People in Cyprus and Malta are quickly getting used to the euro, which was introduced in their countries on 1 January 2008, according to the European Commission and the European Central Bank (ECB). The ECB explained on 3 January that half of all the banknotes circulating on the two islands are euro banknotes.
Malta. 42% of people in Malta asked which currency they had in their wallets and purses on 2 January said they had only or mostly euro banknotes, and as many as 52% had only or mostly euro coins. 36% said they had already paid in euro. 91% of traders in Malta gave change exclusively in euro. By the evening of 2 January, 38,000 cash conversions had been carried out at banks for a total of €20.7 million. The ECB provided Malta with 72 million euro banknotes and 200 euro and eurocent coins. The government has set up a website to help people change over from the Maltese lira to the euro.
Cyprus. By the evening of 2 January, more than 40% of people in the part of Cyprus that is in the EU had only or mostly euro banknotes, and 28% said they had already used the single currency. On the first two days of January more than 68 million Cypriot pounds, worth €116 million, were converted at banks which opened specially on the 1 January bank holiday to enable people to change money. The ECB provided the Central Bank of Cyprus with 79.1 million euro banknotes and 395 million euro and eurocent coins. The Cypriot government has set up a free telephone helpline, a website and an email address to help answer questions on the single currency.
By comparison, in 2007, when Slovenia joined the euro on 1 January 2007, only 19% of Slovenians had used the single currency at the start of the month.
In both Cyprus and Malta, both the old currency and the euro will be in operation for January only (a one month dual circulation period). On 1 February 2008, the Maltese lira and the Cypriot pound will cease to be legal tender. The ECB said that the changeover had been smooth and had gone according to plan.