Cyprus Euro Conversion 2008

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Cyprus Euro Conversion 2008

On 1 January 2008 Cypriot currency changed from the Cyprus Pound (CYP) to the Euro (EUR, €). The Cyprus Pound was introduced in 1879, when Cyprus was a British Colony and was, until 1960, equal in value to the British Pound Sterling.

The decision to adopt the Euro was made in 2004 after Cyprus joined the EU and in July 2007 the EU judged that the Cyprus economy was sufficiently stable and inline with the other Member States that the Euro would be adopted in 2008. Dual pricing was enforced on all products from September 2007 for one year.

• More information from the National Euro website
• And from the Central Bank of Cyprus

The Cash Changeover Plan

On 1 January 2008 (known as E-Day (Σ):

• Cash withdrawals from all Cyprus bank accounts in Euros
• All cash machines (ATMs) dispense Euros only
• All salaries, pensions and government payments made in Euros 
• Prices for goods and services expressed in Euros 
• Until 31 January 2008 payment may be made in Cyprus Pounds but change must be given in Euros 
• Until 30 June 2008 banks will exchange old Cyprus Pounds (banknotes and coins) for Euros free of charge

After 31 January 2008 the Cyprus Pound will no longer be classified as legal tender and will have to be exchanged at banks.

For two years following E-Day the Central Bank of Cyprus will exchange Cyprus coins for Euros. It will exchange Pound notes for Euros for ten years until 31 December 2017.

• For more information on the cash changeover plan: Click here

Currency Conversions

• See the AngloINFO INFOrmation Page on Exchange Rates

Further Information

• The Central Bank of Cyprus
• Comprehensive information on the changeover timetable from the Financial Mirror

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