ECC

	*THE EURO, OUR CURRENCY* *Introduction of the Euro in Cyprus* On 1 st January 2008 Cyprus adopted the euro and hence: the euro has become the currency of Cyprus , replacing the Cyprus pound; euro banknotes and coins are put into circulation; they are legal tender and their acceptance in cash transactions is obligatory. Consequently, as from 1 January 2008, all amounts are expressed in euro (instead of Cyprus pounds). All non-cash payments, such as electronic payments with the use of cards, bank transfers, standing orders, cheques etc., are carried out in euro. As regards cheques, as from 1 st January 2008, these should be expressed in euro otherwise they will be void. The exchange of Cyprus pounds will be carried out by banks and CCIs for a period of 6 months following the date of euro adoption, i.e. until 30 June 2008, without any charge up to a limit, applying the conversion rate ( € 1=CY £ 0,585274). The Central Bank of Cyprus will continue exchanging, free of any charge and without quantity limit, coins for a period of two years after the introduction of the euro i.e. until 31 December 2009 and banknotes for a period of 10 years i.e. until 31 December 2017. More Information
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THE EURO, OUR CURRENCY

Introduction of the Euro in Cyprus

On 1 st January 2008 Cyprus adopted the euro and hence:

the euro has become the currency of Cyprus , replacing the Cyprus pound;
euro banknotes and coins are put into circulation; they are legal tender and their acceptance in cash transactions is obligatory.

Consequently, as from 1 January 2008, all amounts are expressed in euro (instead of Cyprus pounds). All non-cash payments, such as electronic payments with the use of cards, bank transfers, standing orders, cheques etc., are carried out in euro. As regards cheques, as from 1 st January 2008, these should be expressed in euro otherwise they will be void.

The exchange of Cyprus pounds will be carried out by banks and CCIs for a period of 6 months following the date of euro adoption, i.e. until 30 June 2008, without any charge up to a limit, applying the conversion rate ( € 1=CY £ 0,585274). The Central Bank of Cyprus will continue exchanging, free of any charge and without quantity limit, coins for a period of two years after the introduction of the euro i.e. until 31 December 2009 and banknotes for a period of 10 years i.e. until 31 December 2017.

More Information

[ Back ]