The Central Bank of Cyprus welcomes today’s decision of the Council of the Finance Ministers of the EU to allow Cyprus and Malta to adopt the euro on 1 January 2008, thus enlarging the euro area to 15 member states.
The Council of the EU also adopted the conversion rate at which the euro will replace the Cyprus pound:
1 euro = 0,585274 Cyprus pounds
This rate corresponds to the current central rate within the Exchange Rate Mechanism II (ERM II).