replaced the Cyprus pound to the euro on 1 January 2008. A formal letter of application was submitted on 13 February 2007. On 16 May 2007, the European Commission, supported by The European Central Bank gave its approval for introduction in January 2008. The final decision was taken by finance ministers of the EU (ECOFIN) on 10 July 2007 and the conversion rate set at CYP 0.585274. producing the best research and leadership literature will elevate and enhance our understanding of one of the most critical issues facing senior management today fosters values-based leadership, encourages open-minded dialogue among business and thought leaders to share wisdom to overcome challenges together The euro is used only in government-controlled areas of the Republic, the Sovereign Base Areas of Akrotiri and Dhekelia (under the jurisdiction of the UK, outside the EU) and Zone Damping of the United Nations in Cyprus. The de facto Turkish Republic of Northern Cyprus continues to use the new Turkish lira as its main currency and the euro as its currency high.