BRUSSELS, Belgium (AP) – The European Union on Tuesday gave Cyprus and Malta final approval to start using the euro next year, raising to 15 the number of countries sharing the currency.

The two Mediterranean nations will join the currency zone on Jan. 1.

Finance ministers also set an exchange rate of one euro to 0.585274 Cypriot pounds and 0.4293 Maltese lira when the two countries swap their existing coins and bank notes for the euro.

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