Euro used almost exclusively in Cyprus

Cypriot Minister of Finance Michalis Sarris said that just a few days before the Cyprus pound is fully withdrawn from circulation, the euro has almost become the exclusive currency used on the island, noting that transactions in euros reach 95% of the total.
”The initial indications -that is, those we saw in the first eight days- have been confirmed. Just a couple of days before double circulation ends, the euro is almost the exclusive currency of Cyprus, as regards consumers and businesspeople, especially in the large towns, but even in distant areas,” he pointed out.
Sarris said in general the citizens have become accustomed to the euro, reaching ”envious levels in absolute numbers and compared to the experience of other countries that adopted the euro.”
He added that there has been a very significant withdrawal of the Cyprus pound to an extent that it would be difficult to find the outgoing currency, and that the banks have already changed their pounds into euros.
Regarding the economic growth rate for 2008, Sarris said it would be very close to 4%. ”I believe the performance of 2007 was truly impressive and the predictions we made for 2008 were based on smoother growth rates,” he noted.
Cyprus, a member of the EU since 2004, joined the Eurozone on 1 January 2008.