Yes, Cyprus has its own currency called the Euro.
For further information, read more
Yes, Cyprus has its own currency called the Euro. The Euro was adopted as the official currency of Cyprus on January 1, 2008, replacing the Cypriot pound. The introduction of the Euro was a significant step for Cyprus, as it brought the country into the European Union’s Economic and Monetary Union.
According to the European Central Bank, the Euro is the second most traded currency in the world after the US Dollar. Cyprus is known for its thriving tourism industry, and the Euro has made it easier for visitors from other European countries to travel to Cyprus without having to worry about exchanging currency.
As The National Bank of Cyprus notes, “the introduction of the euro has helped price transparency and reduced transaction costs when compared to when Cyprus had its own currency”. This is because there is no need to exchange currency when traveling between eurozone countries.
Here are some interesting facts about the Euro and Cyprus:
- The Euro became physical currency in 2002, but it was first introduced as a concept in the Maastricht Treaty in 1992.
- There are currently 19 countries in the Eurozone that use the Euro as their official currency.
- The Euro symbol (€) was designed by a Belgian artist named Alain Billiet.
- Cyprus is home to the oldest wine label in the world, produced by the Commandaria winery. The wine has been produced since the 12th century.
- Cyprus is also home to some of the best preserved Greek ruins in the world, including the ancient city of Kourion.
Here is a table illustrating the different denominations of Euro banknotes:
As Albert Einstein once said, “Look deep into nature, and then you will understand everything better.” While the Euro may seem like a simple currency, it is connected to many historical, economic, and cultural factors that make it a fascinating topic to explore.
See a video about the subject
Milton Fonko advises taking euros when traveling to North Cyprus, especially for studying, as the currency in the country is unstable and euros are the preferred currency for paying tuition fees. He also warns viewers to be cautious when dealing with agents or others who offer assistance with admissions or other processes. Fonko suggests paying tuition fees directly into the school account provided in the admission letter to avoid deception. Finally, he reminds viewers to take some money along when traveling since immigration may require proof of finances and warns about currency exchange scams in North Cyprus.
See more answer options
The currency of Cyprus is the Euro. You can use ATMs, debit and credit cards as normal. If you’re found with fake euro banknotes the police will be called and you may be prosecuted.
The currency in Cyprus is the euro. Each euro is divided into 100 cents. When you’re buying currency for Cyprus, look out for the currency code EUR. And once you’re in Cyprus, you’ll see the symbol € used to show prices.
Cyprus adopted the euro as its official currency on 1 January 2008, replacing the Cypriot pound at an irrevocable fixed exchange rate of CYP 0.585274 per €1.
Despite the north’s technical existence as part of the island of Cyprus, it has maintained the Turkish lira (TRY) as its official currency, though businesses serving tourists often accept payments in euros (EUR), British pounds (GBP) or U.S. dollars (USD).
More intriguing questions on the topic
The currency used in north Cyprus is the Turkish Lira (TL; symbol ₺ ) = 100 kuruş. Notes are in denominations of ₺200, 100, 50, 20, 10 and 5. Coins are in denominations of ₺1, and 50, 25, 10, 5 and 1 kuruş. Euros, Pound Sterling and US dollars are generally accepted in the north.
Be prepared on your Cypriot trip by brushing up on the two common currencies used in the country.
And since Cyprus has now changed to the Euro you can’t spend your Cyprus Pounds in the country or exchange them at any banks in the UK.
Convert Euro to Cypriot Pound
|1 EUR||0.585274 CYP|
|5 EUR||2.92637 CYP|
|10 EUR||5.85274 CYP|
|25 EUR||14.6319 CYP|