Cyprus Pound Locks Rate with Euro

The Cyprus pound was locked on Tuesday with the euro, which will be worth 0.585274 pounds. The EU Ministers agreed that the two countries should adopt the currency as expected on 1 January 2008.

The EU Ministers of Finance (ECOFIN) gave both 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.