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How 18 million pounds will disappear!

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How 18 million pounds will disappear!

Postby Sotos » Wed Jun 14, 2006 11:36 pm

Cyprus expects to break even or make a small profit from the changeover to the euro as of January 1, 2008, on the expectation that while the total cost of printing of the new notes and coins will amount to CYP 15 mln (EUR 25.7 mln), such costs will be covered from the non-conversion of Cyprus pound coins and notes.

The Board of Directors of the Central Bank, chaired by Governor Christodoulos Christodoulou, decided to transfer some CYP 5 mln (EUR 8.6 mln) from the 2005 Central Bank surplus of CYP 8.2 mln (EUR 14 mln) to a Special Fund to finance the cost of producing the future Cyprus euro coins and notes.

Cyprus is set to officially adopt the euro on January 1, 2008. There will be a one-month period allowed for the simultaneous circulation of euros and Cyprus pounds, after which the Cyprus pound coins will be removed from circulation, followed by the notes, which may only be exchanged at the banks.

A senior official told the Financial Mirror that the Central Bank expects the cost of withdrawal and subsequent destruction of the Cyprus pound notes to be very low.

As for the coins and in tandem with what occurred with other European nations that adopted the euro, Central Bank officials expect a “55% conversion rate of the Cyprus pound coins”, with the remaining 40-45% lost or forgotten to be handed back.

Previous experience with other European nations has shown that the 1-, 2- and 5-cent coins are “either forgotten or people simply do not bother to exchange them for euros.”

According to Central Bank estimates, the value of the total Cyprus pound coins in circulation is CYP 40 mln (EUR 68.5 mln), so a 40-45% “no-show” would net the government some CYP 16-18 mln (EUR 27.4-30.8 mln), which will more than cover the total CYP 15 mln (EUR 25.7 mln) cost of producing the euro notes and coins.


I am exchanging all my coins!! I will just keep a few to remember the good old days when I will be old :P
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Postby BaLbWiTcH » Sun Sep 17, 2006 6:04 pm

ill try to get all my coins and notes together aswell
will dive into all the sofas :P
a penny saved is a penny earned as they say hehe:P
im actually happy that we will change currency its like changing the world its something new
ofcoarse ill keep a few to remeber
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Postby Snad » Sun Sep 17, 2006 7:04 pm

Gonna change all mine too. I remember when we had decimalisation in the UK, the government earned a fortune!!
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Postby Kikapu » Sun Sep 17, 2006 7:51 pm

Snad wrote:Gonna change all mine too. I remember when we had decimalisation in the UK, the government earned a fortune!!


You're giving your age away. You may be close to mine.!!!
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Postby Snad » Mon Sep 18, 2006 8:16 am

Kikapu

Probably, but you must remember that to a woman age is just a number. Her body maybe older, but in her mind she is still 21!!!!!! :lol:
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Postby Kikapu » Mon Sep 18, 2006 8:31 am

Snad wrote:Kikapu

Probably, but you must remember that to a woman age is just a number. Her body maybe older, but in her mind she is still 21!!!!!! :lol:


Doesn't everyone think that way.? You know, they say that, the mind is the first thing to go, when getting older. I don't buy that. Look at Miltiades. At age 60, he still has a sharp mind. He is always complaining about other parts of his body not being "up" to the task.!!!
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Postby hunter » Mon Sep 18, 2006 6:25 pm

went to the tax dept the other day to get some info,

and the guy there was a helluva, scarey...

he literally gave me the shivers

even though I owed them nothing....

I nearly wrote them a cheque on my way out...

Were these guys born that way, or do all they just end up looking like that??
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Postby hunter » Mon Sep 18, 2006 6:27 pm

lol

oops

wrong

thread

darn this vinegar!!!
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