TODAY is a landmark for the Cyprus Republic. It is the last day that the Cyprus pound will be in circulation. From tomorrow, it will cease to be the island’s medium of exchange, and all transactions will have to be paid for in euros.
People will still be able to exchange pounds at the banks until the end of June, after which only the Central Bank will be allowed to carry out these transactions – for another six to eight years. So nobody need worry about not being able to recall where they had hid those £20-notes they were saving for a special night out.
It is a sad day as the pound has been the symbol of the Republic’s prospering economy, a strong currency that held its ground even at the most difficult times. It may have been occasionally propped up by Central Bank intervention, but this was the exception rather than the rule.
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