Cyprus And Malta Adopt The Euro

The Cypriot economy is prosperous and has diversified in recent years.

According to the latest IMF estimates, its per capita GDP (adjusted for purchasing power) is, at $28,381, just above the average of the European Union. Cyprus has been sought as a base for several offshore businesses for its highly developed infrastructure. Economic policy of the Cyprus government has focused on meeting the criteria for admission to the European Union. Adoption of the euro as a national currency is required of all new countries joining the European Union, and the Cypriot government adopted the currency on 1 January 2008.

The Central Bank of Malta (Bank ÄŠentrali Ta' Malta), has two key areas of responsibility: the formulation and implementation of monetary policy and the promotion of a sound and efficient financial system. It was established by the Central Bank of Malta Act on 17 April 1968. The Maltese government entered ERM II on 4 May 2005, and adopted the euro as the country's currency on 1 January 2008.