Euro coins from other EU member-states have begun to filter into circulation in the Republic in small numbers while the number of euro notes and coins has continued to swell.
The Central Bank estimates that the number of euro notes and coins in circulation here increased by €18 million to €2.6 billion by close of business on Wednesday.
The amount of Irish currency fell by 5 per cent to £3.2 billion on the same day and is now 15 per cent lower that at the end of December.
As retailers remain vigilant for forged notes and coins the Central Bank received some queries with regard to coins from other eurozone states.
It has pointed out that coins produced in other states do not necessarily carry the year 2002 inscription. Coins from Belgium, Finland, France, the Netherlands and Spain include different dates which either relate to the year of production rather than the year of issue. "All coins, regardless of origin, can of course be used in all euro area countries" it said yesterday.
The biggest increase in euro notes has been in €50, €20 and €10 which are mainly being dispensed through cash machines. Irish £50 and £20 notes are the fastest to be withdrawn from circulation as people are changing to the euro.
Mr Philip Hamell, chairman of the Euro Changeover Board of Ireland, suggests that more than two million people will have the single currency by this evening. Over half of all transactions yesterday were in euro.
It has also reminded the public there is no need to queue to exchange cash into the euro for the time being. Coins will still be legal tender until February 9th and it is advising people to wait until financial institutions are less busy to complete these transactions.
The European Central Bank (ECB) has reported that 97 per cent of ATMs in the euro-zone have now been converted. It put 6.4 billion euro bank notes into circulation on January 1st with a value of €133 billion, the biggest amount of national bank notes ever to be in circulation within the 12 member-states.
The ECB president, Mr Wim Duisenberg, said he shared the enthusiasm of Europeans for their new money. "The changeover is keeping pace well. The public is continuing to make active use of the euro bank notes and coins."
The Dutch are living up to their promise of a swift adoption of the new European currency with officials reporting that more than 65 per cent of all transactions were in euros yesterday.
Just two days after the introduction, up to 95 per cent of the country's 16 million residents had filled their wallets with euros. The Dutch central bank had expected the number of euro transactions to increase by 15 per cent each day.
The quick changeover means that the Dutch are outpacing the other 11 euro member-states, with Ireland following closely behind. An average of 20 per cent of all transactions in the member countries were in euro yesterday, ranging from a low of 5 per cent in Italy to 50 per cent in Germany.