The introduction of the euro shall affect all aspects of life. Assuming that today you would give a friend a wedding gift of 20 Cyprus pounds cash and that the irrevocable exchange rate shall be fixed at 1 euro = 0,580901 Cyprus pounds. Based on this assumption you will have three options:
1. If you apply the conversion rate strictly, the amount of £20,00 is converted to €34,43. This option is not very practical because you have to put in the envelope €30
in banknotes and €4,43 in coins.
2. The second option is to give €35, which means a small increase of 1,7% in the value of the present.
3. The third option is to give €30, which means a reduction in the value of the present.
The choice is yours!
