What is the currency used in Cyprus?

Travel Destinations

By Omar Perez

Introduction to Cyprus’ Currency

Cyprus is a beautiful island country in the eastern Mediterranean, located south of Turkey and west of Syria and Lebanon. The official currency of Cyprus is the Euro, which replaced the Cypriot Pound in 2008. The Euro is the second most traded and most used currency in the world.

History of Currency in Cyprus

Cyprus used to issue its own currency, known as the Cypriot Pound, which was in use from 1879 to 2007. The Cypriot Pound was initially pegged to the British Pound but was later tied to the US Dollar. The Cypriot Pound was discontinued in 2007 due to Cyprus’ membership in the European Union and its commitment to adopting the Euro.

Changes in Currency System

In July 2007, Cyprus became a member of the European Union, which meant that it was obliged to adopt the Euro as its currency. This was part of the EU’s Economic and Monetary Union, which aimed to establish a single currency across Europe. The Euro officially became the currency of Cyprus on January 1, 2008.

Current Currency of Cyprus

The Euro is the official currency of Cyprus and is used throughout the country. One Euro is divided into 100 cents. Euro banknotes come in denominations of 5, 10, 20, 50, 100, 200 and 500 Euros. Euro coins come in denominations of 1, 2, 5, 10, 20 and 50 cents, as well as 1 and 2 Euro coins.

Cypriot Euro Bills and Coins

The Cypriot Euro bills and coins feature a range of designs and images that are unique to Cyprus. The 1 Euro coin features the Kyrenia ship, while the 2 Euro coin features the mosaic of Paphos. The bills feature images of important figures and landmarks in Cyprus, such as Archbishop Makarios III and the St. Hilarion Castle.

Value of Cypriot Euro

The value of the Cypriot Euro is the same as the Euro used in other Eurozone countries. The Euro is a stable currency that is widely accepted around the world. As of August 2021, one Euro is equivalent to around 1.17 US Dollars.

Acceptance of Other Currencies

While the Euro is the official currency of Cyprus, some establishments may accept other currencies, such as US Dollars or British Pounds. However, this is not common. It is best to exchange your currency for Euros at a bank or exchange bureau.

Exchanging Money in Cyprus

There are many banks and exchange bureaus in Cyprus where you can exchange your currency for Euros. Additionally, many hotels and airports have exchange facilities. It is worth noting that exchange rates can vary, so it is best to compare rates before exchanging your money.

ATMs and Credit Cards in Cyprus

ATMs are widely available in Cyprus, and most accept international debit and credit cards. However, it is best to check with your bank before you travel to ensure that your card will work in Cyprus. Most establishments, including restaurants and shops, will also accept credit cards.

Banking in Cyprus

Cyprus has a robust banking system that is regulated by the Central Bank of Cyprus. There are many international banks that operate in Cyprus, and most offer a range of services such as personal and business accounts, loans, and mortgages.

Currency Regulations in Cyprus

There are no currency restrictions in Cyprus, which means that you can bring in or take out as much currency as you like. However, if you are bringing in more than €10,000 in cash, you will need to declare it at customs.

Conclusion and Summary of Currency in Cyprus

Cyprus uses the Euro as its official currency, which replaced the Cypriot Pound in 2008. The Euro is widely accepted in Cyprus, and most establishments, including banks, exchange bureaus, and ATMs, accept it. While other currencies may be accepted in some places, it is best to exchange your money for Euros before traveling to Cyprus.

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Omar Perez

Omar Perez, a Caribbean correspondent at TravelAsker, is a skilled writer with a degree from Florida International University. He has published in prestigious outlets like The Miami Herald, Orlando Weekly, Miami Daily Business Review, and various New Times editions. He has also worked as a stringer for The New York Times in Miami, combining his love for travel and storytelling to vividly depict the Caribbean's charm.

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