Cyprus News Agency: News in English, 08-01-03

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] COMMISSION CYPRUS EURO

[02] ECB CYPRUS EURO

[01] COMMISSION CYPRUS EURO

In a statement it also noted that so far only a few limited incidents of undue price increases have been reported in both countries.

In its statement, the Commission said that all available evidence suggests that the changeover operation is proceeding very smoothly and without any noteworthy incidents.

On 2 January, a significant number of cash transactions were already carried out in euro in both countries, and around 40% of citizens had only or mostly euro cash in their wallets and purses.

[02] ECB CYPRUS EURO

``The euro has been introduced in Cyprus and Malta. The number of EU Member States that use the single European currency has now increased to 15. The European Central Bank (ECB) welcomes this further enlargement of the euro area, an ECB press release says.

The ECB notes that as a result of the adoption of the euro by Cyprus and Malta, the Central Bank of Cyprus and the Central Bank of Malta are now full members of the Eurosystem, with the same rights and obligations as the 13 national central banks of the other EU member states that have adopted the euro.

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