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Cyprus population praised by ECB

The European Central Bank (ECB) has spoken highly of the Cypriot population following its accession to the euro.

People in Cyprus were praised for giving the new currency a positive response after the island joined the euro earlier this year.

Specifically, it said the fact that people were mainly using euros during the period in which the outgoing currency was still in circulation showed that Cypriots considered it "business as usual".

Pounds could still be used in transactions for the first month after the country joined the euro, although it has now been fully withdrawn following the February 1st deadline.

The ECB went on to praise the way authorities made sure that the currency changeover went according to plan.

Commenting on the transition, it said: "The progress achieved during the dual circulation period bears witness to the efficiency and effectiveness of the preparatory work."

According to the Telegraph, the economic benefits of its euro membership could help to encourage more British investors to purchase a house on the island.

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