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PRESS RELEASE

Communiqué of the European Central Bank and the Central Bank of Cyprus

10 July 2007

Following the determination of the euro conversion rate of the Cyprus pound by the Council on 10 July 2007 by way of an amendment to Regulation (EC) No. 2866/98, which is to become effective as of 1 January 2008, the European Central Bank and the Central Bank of Cyprus will monitor developments in the market exchange rate of the Cyprus pound against the euro in the context of the ERM II agreement.

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