NICOSIA, Feb.13 (Xinhua) -- Cyprus Finance Minister Michalis Sarris announced here Tuesday that it has formally applied to join the eurozone on Jan. 1, 2008.

    Sarris told local media that the Cyprus government on Tuesday sent the formal application to European Central Bank President Jean-Claude Trichet and European Monetary Affairs Commissioner Joaquin Almunia.

    Concerned EU institutions are expected to assess the Cyprus economy in March and April before the European Council makes a final decision in June this year on the country's accession to the eurozone.

    Earlier on Monday, Sarris said that the Cypriot government strongly believes that the entry to the eurozone is very much important and may be even more important than its accession to the European Union (EU).

    He was optimistic that Cyprus fully meets the criteria for accession to the eurozone, stressing the need to maintain highgrowth of the economy.

    Cyprus has been divided since 1974 when Turkey militarily intervened and occupied the north of Cyprus following a coup by a group of Greek officers.

    The internationally-recognized Republic of Cyprus, which represents the whole island, became an EU member state in May 2004.  

    Government officials have hoped that the introduction of the euro in Cyprus will help efforts to reunify the whole island.