Cyprus pound
| lb | |
|---|---|
| Country: |
 Republic of Cyprus
|
| Subdivision: | 100 cents |
| ISO 4217 code : | CYP |
| Abbreviation: | C £, Z £ |
|
Exchange rate : (fixed) |
1 EUR = 0.585274 CYP |
The Cyprus pound ( Greek Λίρα Lira , Turkish Lira ) was the currency of the Republic of Cyprus including the British military bases Akrotiri and Dekelia until December 31, 2007 and was issued by the Central Bank of Cyprus .
Most recently there were coins of 1, 2, 5, 10, 20 and 50 cents, and banknotes of 1, 5, 10 and 20 pounds in circulation.
history
The Cyprus pound was introduced in 1878 and was pegged 1: 1 to 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 exchange rate differed significantly for the first time. The subdivision of the Cypriot pound was 100 cents from 1983 (Greek "σεντ", Turkish "sent"), before that in 1000 mils ("μιλς, mil").
The Cyprus pound was not traded internationally. The commercial banks set the exchange rate daily against all foreign trading currencies, while the central bank valued the Cyprus pound against the euro, the US dollar and the pound sterling on a daily basis .
The front of the banknotes was in the two official languages of the Republic of Cyprus - Greek and Turkish - and the reverse had the face value and the name of the issuing "CENTRAL BANK OF CYPRUS" in English.
Import and export of foreign currency and gold
Since joining the EU until the introduction of the euro , foreign currency or gold up to an equivalent of £ 7,300 or € 12,500 could be freely imported and exported.
Exchange rate mechanism II and the euro
The Republic of Cyprus acceded to the EU on May 1, 2004. On April 29, 2005, Malta and Latvia joined the Exchange Rate Mechanism II . On February 12, 2007, the Republic of Cyprus officially applied for membership in the EMU . On May 16, 2007, the European Commission voted for the admission of the Republic of Cyprus and Malta to the " Eurozone ". On June 5th, the finance ministers unanimously voted for the accession of the Republic of Cyprus to the EMU as the final instance. On July 10, 2007, EU finance ministers set the exchange rate at 1 euro to 0.585274 pounds. The Republic of Cyprus introduced the euro as cash on January 1st, 2008.
Web links
Belgian franc | German Mark | Estonian kroon | Finnish mark | French Franc | Greek drachma | Irish pound | Italian lira | Latvian lats | Lithuanian litas | Luxembourg Franc | Maltese lira | Monegasque Franc 1 | Dutch guilder | Austrian Schilling | Portuguese escudo | San Marinese lira 1 | Slovak crown | Slovenian tolar | Spanish peseta | Vatican lira 1 | Cyprus pound
1 Monaco , San Marino and Vatican City are not part of the European Monetary Union , but mint their own euro coins to a limited extent due to bilateral agreements.