Home / Knowledge / News / Cyprus & Malta adopts Euro
Cyprus & Malta adopts Euro
04
Jan '08
The European Commission has praised the smooth changeover to the euro in the two newest eurozone member countries, Cyprus and Malta, while the effect on their overall inflation rates is to be evaluated later.

The two Mediterranean islands switched to the common European currency on 1 January, joining 13 other EU states that use with the euro.

According to an early survey by the EU executive, presented on Thursday (4 January), "all available evidence suggests that the changeover operation is proceeding very smoothly and without any noteworthy incidents."

The data showed that on 2 January, retailers gave change exclusively in euro in 92 percent (Cyprus) and 91 percent (Malta) of all cash transactions, although in Malta there were a few initial cases of shortage of change at retail outlets.

These shortages were particularly apparent on the very first day of the euro in the country, as banks were still closed and some customers were using up large amounts of Maltese lire banknotes to avoid having to exchange them at banks later.

The commission's survey also revealed that 42 percent of Maltese had only or mostly euro banknotes, and 52 percent only or mostly euro coins in their wallets on 2 January. In Cyprus, the respective figures were 43 percent for banknotes and 46 percent for coins.

When paying cash at shops, only a minority of both Cypriots (28%) and Maltese (36%) were already using the new currency but this compares favourably to the results of a similar survey conducted when Slovenia adopted the euro in 2007, when only one in five Slovene citizens (19%) paid in euro on the first working day.

Must ReadView All

Courtesy: BGMEA

Apparel/Garments | On 27th Feb 2017

'Brands & buyers should help Bangladeshi factory owners'

Brands and buyers should come forward to help factory owners in...

Apparel/Garments | On 27th Feb 2017

Myanmar sets up new committee to revise minimum wage

The Government of Myanmar has set up a new committee, replacing an...

Courtesy: PT Indonesia Taroko Textile

Textiles | On 27th Feb 2017

Taiwan's Lealea to buy Tarako textile plant in Indonesia

Taiwan based textile manufacturer Lealea Enterprise Company, one of...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search