Cypriot pound

1 EUR = 0.585274 CYP 1 CYP = 1.70860 EUR

The Cyprus pound (Greek Λίρα Lira Turkish Lira ) was until 31 December 2007, the currency of Cyprus, including the British military bases of Akrotiri and Dhekelia and issued by the Central Bank of Cyprus.

Most recently, coins were to 1, 2, 5, 10, 20 and 50 cents, and notes of 1, 5, 10 and 20 pounds in circulation.

History

The Cyprus pound was introduced in 1878 and was bound in a 1:1 ratio on the British pound. With the independence of the island in 1960, the exchange rate was variable, with the devaluation of the British pound in 1971, the course differed significantly for the first time. The division of the Cypriot pound was from 1983 100 cents (Greek " σεντ ", Turkish "sent " ), before in 1000 mils ( " μιλς, mil" ).

The Cyprus pound was not traded internationally. Commercial banks continued the daily exchange rate against all foreign currencies trading firm, while the Central Bank, the Cyprus pound rated daily against the euro, the U.S. dollar and the pound sterling.

The banknotes were at the front in the two official languages ​​of the Republic of Cyprus - Greek and Turkish - labeled, the back was in English the nominal value and the name of the issuing " CENTRAL BANK OF CYPRUS ".

Import and export of foreign currency and gold

Since joining the EU until the introduction of the euro currency or gold could be freely imported and exported up to the equivalent of 7,300 C £ or € 12,500.

ERM II and euro

Cyprus joined the EU on 1 May 2004. Together with Malta and Latvia took place on 29 April 2005, the accession to ERM II on 12 February 2007, Cyprus has officially made ​​the request for inclusion in the EMU. On 16 May 2007, the European Commission spoke in favor of the inclusion of Cyprus and Malta in the " euro zone " from. On June 5, voted in the last instance, the finance ministers unanimously for Cyprus' accession to EMU. On 10 July 2007, the EU finance ministers set the exchange rate fixed to 1 euro to 0.585274 pounds. Cyprus adopted the euro currency on 1 January 2008.

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