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Cyprus prepares to change currency

Financial authorities in Cyprus are currently making final preparations ahead of its imminent currency change.

The Mediterranean island will enter the euro at the beginning of January 2008 - three and a half years after it first joined the European Union.

In order to ensure that the changeover goes as smoothly as possible, the Central Bank of Cyprus is currently engaged in a widespread publicity campaign.

The Financial Mirror reports that it is working in collaboration with the ministry of finance in issuing advice regarding the currency change.

Some have expressed reservations about the euro entry, leading the two organisations to try to allay public concerns.

This should also help to raise general awareness of the forthcoming switch and give them an opportunity to promote the benefits of being in the euro.

Meanwhile, coins and bank notes are now being issued to commercial banks across the country.

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