Cyprus Pounds (CYP)

Cyprus Pounds (CYP) was the official currency of the Republic of Cyprus before it adopted the Euro (EUR) in 2008. The Cyprus Pound was first introduced in 1879 and remained in circulation until the country joined the Eurozone.

The Cyprus Pound was subdivided into 100 cents and had various denominations, including banknotes and coins. The banknotes were issued in denominations of 1, 5, 10, 20, and 50 pounds, while the coins were issued in denominations of 1, 2, 5, 10, 20, and 50 cents, as well as 1 and 2 pounds.

As a former British colony, the Cyprus Pound had a fixed exchange rate with the British Pound Sterling (GBP) until 1972 when the currency was devalued. After Cyprus gained independence in 1960, the Central Bank of Cyprus became responsible for issuing and regulating the currency.

The Cyprus Pound played a crucial role in the economic and financial activities of Cyprus. It was widely accepted in daily transactions, including retail, services, and international trade. The currency symbol for the Cyprus Pound was “£” or “C£” to distinguish it from the British Pound.

However, with the introduction of the Euro as the common currency of the Eurozone, Cyprus adopted the Euro on January 1, 2008. The exchange rate was set at 0.585274 CYP per 1 EUR. From that point onwards, the Euro became the official currency of Cyprus, replacing the Cyprus Pound.

Today, the Cyprus Pound is no longer in circulation, and all transactions in Cyprus are conducted in Euros. However, some collectors and enthusiasts may still possess Cyprus Pound banknotes and coins as historical artifacts or memorabilia.

In conclusion, the Cyprus Pound (CYP) was the former official currency of Cyprus before it was replaced by the Euro. It played a significant role in the country’s economy and was widely used in daily transactions. However, since the adoption of the Euro, the Cyprus Pound is no longer in circulation.