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Cyprus currency changeover 'went smoothly'

The European commission (EC) has praised Cyprus for its smooth handling of the recent currency changeover.

Cyprus switched from the pound to the euro at the beginning of the year, taking the overall number of countries which use the currency up to 15.

According to research by the EC, most people on the Mediterranean island believe the transition has gone smoothly and efficiently.

A survey showed that 95 per cent of Cypriots have got used to the new notes, while 81 per cent can easily distinguish each type of coin.

Meanwhile, authorities were credited with helping to keep inflation in check during the transitional period.

This is despite external problems on a global scale, such as rising energy and food prices.

According to official data cited by the Cyprus Mail, the Mediterranean island generated gross domestic product of £12.5 billion last year.

This figure, which is expected to increase to £13.2 billion in 2008, was largely attributed to growth in its property sector.

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