Cyprus Currency
History Facts and Exchange Rate
The Best Cyprus Currency Information, history of the Island's money. Past Influence and links between British and Cypriot Pound.
Cypriot Money Past & Present
The Cyprus Pound was in use from 1879 until 31 December 2007.
The Cypriot Pound changed to the Euro on the 1 January 2008, 4 years after the Republic of Cyprus, also known as Southern Cyprus, became a member of the European Union.
The Replublic of Cyprus entered the EU exchange rate mechanism on 2 May 2005. A formal application to adopt the Euro was submitted on 13 February 2007.
On 16 May 2007 approval was given by the European Commission and confirmed by the European Parliament for the changeover to the Euro.
Fixed Exchange Rate for Euro
The permanent exchange rate of 1.00 Euro = 0.585274 was decided by the EU Finance Minister on 10 July 2007.
When the Republic officially changed to the Euro on 1 January 2008, the permanent fixed exchange rate was put in place. The Cypriot Pound to the Euro rate was officially set to 0.585274 for 1 Euro.
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Northern Cyprus Currency
Northern Cyprus Currency is the Turkish lira. Why?
Because the north side of Cyprus was divided from the South in 1974 when the Turkish invaded the island and to this day, still occupy the North of Cyprus. Read more about Northern Cyprus here
Now, the self proclaimed Turkish Republic of Northern Cyprus – TRNC, still occupies the area. It is not part of the European Union. Therefore, the legal tender across the border is the Turkish lira.
The History of Cypriot Money
In 1879, the British introduced the pound sterling to Cyprus.
The exchange rate was 180 Turkish piastres to 1 British Pound
In 1955, Cyprus changed to decimalization with exchange rate set at 1000mils to 1 pound. The mils unit comes from the Latin "millesimum", which means - a thousandth part.
In 1983, the subdivision of 1000 mils changed to 100 cents to the pound. This rate was in place until the Cypriot Pound officially changed to the Euro on 1 January 2008.
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