Cyprus, Malta join euro as year turns

Cyprus and Malta are both scheduled join the euro at midnight on Monday, brining the number of nations using the shared currency to 15.

While only the Greek portion of Cyprus, in the south, will officially adopt the euro, many merchants in the northern, Turkish, portion of the island nation will accept it along with the Turkish lira.

In addition, euro coins on Cyprus will carry both Greek and Turkish lettering.

The new additions to the Eurozone come as the US dollar gained on the shared currency on the last day of the year but ended the year 10 percent weaker against the euro that it began in January.

At just past noon in New York it took $1.4577 to buy a euro, with gains coming on the news that existing home sales in the US were up 0.4 percent in November, an unexpected rise.

Elsewhere, the pound also ended the year weaker in relation to the euro, dropping 9 percent since the beginning of January, although the UK currency added 2.5 percent versus the US dollar on the year.

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