As of the beginning of 2008, the common currency in the republic of Cyprus will be the Euro, thus achieving the country's goal of merging into the European Union, where the European Economic Commission fixed the conversion rate between the European currency (Euro) and the Cyprus pound at a value of 0.585274 on July 10 , 2007.

Becoming a member of the European Union was a great achievement for Cyprus. This will now serve to boost Cyprus's outstanding economy, distinguished by its stability, and compatibility with the European Union's economic standards.

The structural amendments of the Cyprus economy, as well as its stability, will furthermore guarantee its effective and successful participation in the European Union starting January 1,2008.

During the first month of launching the Euro currency in Cyprus, transaction payments were made in both the Euro and the Cypriot pound, but from then on in Euros only  .

The new economic environment in Cyprus will aid the Cyprus branch in attracting new clients in the local market in particular, and the European markets in general.