Euro banknotes already account for 50% of the total in circulation in both Malta and Cyprus, the two Mediterranean islands that adopted the single currency on Tuesday.

The European Central Bank (ECB) said the cash-swap was "progressing smoothly and according to plan." The euro's introduction was under a so-called "big bang scenario", where dual circulation only applies for one month. However, central banks in both jurisdictions will accept notes in the old currency for ten years and coins for