As mentioned in a BBC article, it seems that Cyprus and Malta have got the go-ahead from EU Finance Ministers for adopting the Euro on 1st January 2008.
1 euro = 0.585274 Cyprus pounds
So, does that benefit all of us who currently receive our salaries in USDs? I hope so, as the current situation with the USD is terrible and i assume that the Euro won’t be allowed to fluctuate so much.
But, psychologically, this will be a difficult move! We get our salaries in dollars and then convert to Cyprus Pounds for local spending. So, we shall be getting a smaller salary in terms of the “number” of euros (as compared to dollars) and spending a bigger amount in terms of the “number” of Euros (as compared to Cyprus Pounds). I hope that the brain understands the fallacy of this logic.