This is a press release on the 10th July 2007 that announces officially Cyprus adopting the Euro from 01 Jan 2008. I thought you would find it of interest.
We now know that the exchange rate is pegged and 1 Euro will be worth 0.585274 Cyprus pounds. You should find this useful for any stage payments you need to make in 2008 where the contract may be in Cyprus pounds, but the payments will need to be in Euros!
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Hope this is useful. More info can be obtained here.