Cypriots urged to switch to euro early

Cypriots are being urged to hand in Cyprus pounds and change them for euros in time for the changeover on January 1.
Government departments and public offices will be closed on December 31 in preparation for the euro transfer while banks will only accept cash deposits between 10.00 to 13.00 on that day.
On New Year's Day, key bank branches in town centres will open to the public from 11.00 to 14.00 to enable the exchange of pounds for euros.
Small retailers are also being advised to put in their euro orders early to avoid a crush at the banks and being left without the new currency come έ-Day.
Some businesses have been slow to get euros as they are concerned about having two sets of currency floating around due to security factors.
There is also a question of not having enough liquidity to keep enough stock of both currencies.
The Central Bank also urges the public to deposit any extra cash lying around before the end of the year to avoid a logjam. Banks are also accepting the old coins for the new.
All accounts will automatically switch to euros at the turn of the year, as will ATMS.
The Cyprus pound will remain legal tender until the end of January but all change will be given in euro when paying with the old currency.
And banks are obliged to exchange pounds for euros free of charge until June 30, although the Central Bank will accept Cyprus pound notes until 2017 and coins until the end of 2009.
It is estimated that most Cyprus pounds will be out of circulation within the first 15 days of the euros introduction. The old notes will be shredded while the coins will be melted for scrap metal.
Meanwhile, the dual pricing of goods will continue until September 30, 2008, to ensure the public gets used to the conversion rate.
Cheques denominated in Cyprus pounds and dated January 1, 2008 and after, will not be valid, so the public is advised to avoid accepting cheques in Cyprus pounds dated after December 31, 2007.
However, cheques in Cyprus pounds issued prior to January 1, 2008 will continue to be valid, for a period of six months from the date of their issue and will on presentation be paid in euro.
As the euro is an international currency and more inclined to be counterfeited, the authorities advise the public to make themselves familiar with the various notes to avoid being hoodwinked.
(Cyprus Weekly)