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Cyprus Currency

ISO 4217 code
CYP
Central bank
Central Bank of
Cyprus
 Website
www.centralbank.gov.
cy
User(s)
None, previously:
Akrotiri and
Dhekelia,
Cyprus
Inflation
2.8%
 Source
The World Factbook,
2005 est.
ERM
 Since
2 May 2005
 Fixed rate since
7 December 2007
 Replaced by €, cash
1 January 2008
€ =
£0.585274
 Band
pegged in practice,
15% de jure
Subunit
 1/100
cent
 1/1000
mil
Symbol
£
Coins
1, 2, 5, 10, 20, 50
cents
Banknotes
£1, £5, £10, £20
This infobox shows
the latest status
before this currency
was rendered
obsolete.
The pound, also known
as the lira (Greek:
λίρα / plural λίρες and
Turkish: lira, from the
Latin libra through the
Italian lira), was the
currency of Cyprus,
including the Sovereign
Base Areas in Akrotiri
and Dhekelia,[1][2] until
31 December 2007,
when the Republic of
Cyprus (and Malta)
adopted the euro.
However, the self-
proclaimed Turkish
Republic of Northern
Cyprus
used and still uses on
the official level the
Turkish lira.
The Cyprus pound was
replaced by the euro as
official currency of the
Republic of Cyprus on 1
January 2008 at the
irrevocable fixed
exchange rate of CYP
0.585274 per EUR 1.00.
History
The British introduced
the pound sterling unit
to Cyprus in 1879 at a
rate of one to 180
Turkish piastres. It
remained equal in value
to the pound sterling
until 1972 and was
initially divided into 20
shillings (σελίνι /
σελίνια, şilin). The
shilling was divided into
9 piastres (γρόσι /
γρόσια, kuruş), thus
establishing a
nomenclature link to the
previous currency. The
piastre was itself
divided into 40 para (like
the kuruş). The para
denomination did not
appear on any coins or
banknotes but was
used on postage
stamps.
In 1955, Cyprus
decimalized with 1000
mils (μιλς, mil) to the
pound. Colloquially, the 5
mil coin was known as
a "piastre" (not an
exact equivalence) and
the 50 mil coin as a
"shilling" (an exact
equivalence). The
subdivision was
changed to 100 cents
(σεντ, sent) to the
pound on 3 October
1983. At that time, the
smallest coin still in
circulation was that of
5 mils. This was
renamed as ½ cent, but
soon was abolished. Mil-
denominated coins are
no longer legal tender.
Towards the end of the
Cypriot pound era some
cashiers omitted the 1
and 2 cent coins from
the change they gave.
Owner operated
businesses often
rounded down the net
amount to be paid to
the nearest multiple of
5 cents.


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