Cyprus Currency

From 1st of January, 2008 the Cyprus currency will change from the Cyprus Pound (CYP) to the Euro (€).

This date is called E-day (Σ) and from this date the following will happen:

• Withdrawals from bank accounts will be only in euro.
• Automatic Teller Machines (ATMs) will issue only euro.
• All payments (e.g. salaries, pensions and social grants) will be made in euro.
• Prices in shops and commercial enterprises will be expressed in euro. The Cyprus pound equivalent will be also shown for a certain time period. Shops will accept Cyprus pound banknotes and coins for payment until 31.1.2008, but they will give change in euro.
• Banking institutions will exchange Cyprus banknotes and coins for euro, free of charge, at least for the amount of £1.000 for banknotes and £50 for coins, for a period of 6 months from the date of the introduction of the euro, i.e. until 30.6.2008.

Parallel Circulation Period
From 1.1.2008 until 31.1.2008, the Cyprus pound will circulate in parallel with the euro and will be accepted for cash transactions.

Exchange Period for Cyprus Pound
The Central Bank of Cyprus will continue to exchange free of charge:

• Cyprus pound coins for euro for a period of 2 years from the day of the introduction of the euro until 31.12.2009.
• Cyprus banknotes for a period of 10 years until 31.12.2017.

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