In Cyprus, the official currency is the Euro (€). Cyprus has been using the Euro since January 1, 2008, replacing the Cypriot pound. The Euro is the same currency used across most European Union countries.
Quick Guide to Cyprus Currency (Euro)
- Currency Name: Euro (EUR, €)
- Subunits: 1 Euro is divided into 100 cents (c).
- Coins:
- 1 cent (₵)
- 2 cents (₵)
- 5 cents (₵)
- 10 cents (₵)
- 20 cents (₵)
- 50 cents (₵)
- 1 Euro (€)
- 2 Euros (€)
- Banknotes:
- 5 Euros
- 10 Euros
- 20 Euros
- 50 Euros
- 100 Euros
- 200 Euros
- 500 Euros (Note: The 500 Euro note is less commonly used due to its association with large transactions.)
Currency Exchange
- Cyprus offers a variety of currency exchange services at banks, exchange offices, and even at the airport, though exchange rates might vary slightly.
- Many businesses in Cyprus accept credit and debit cards, especially in tourist areas, so carrying large amounts of cash isn’t always necessary.
The Euro (€) is widely accepted for all purchases, and this simplifies travel within Cyprus and across other Eurozone countries.
Before the Euro was introduced in Cyprus in 2008, the official currency was the Cypriot pound (CYP).
The Cypriot pound was used from 1961 until 2008, when it was replaced by the Euro as part of Cyprus’s entry into the European Union’s Economic and Monetary Union (EMU).
Key Details About the Cypriot Pound:
- Currency Name: Cypriot pound (CYP)
- Subunits: 1 Cypriot pound was divided into 100 mils.
- Coins: The coins in circulation included denominations of 1, 2, 5, 10, 20, and 50 cents, as well as 1 and 2 pounds.
- Banknotes: The Cypriot pound banknotes came in denominations of 5, 10, 20, 50, 100, and 500 pounds.
When Cyprus adopted the Euro in 2008, the fixed exchange rate was set at 1 Euro = 0.585274 Cypriot pounds, and the Cypriot pound was withdrawn from circulation. This transition was part of Cyprus’s efforts to integrate more closely with the European Union.
