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Cyprus and the euro

03 February 2008
by eub2 -- last modified 03 February 2008

Cyprus joined the European Union in 2004 and adopted the euro on 1 January 2008.


Cyprus at a glance

Surface area: 9 250 km2
Population: 778 537 (Eurostat 2007, provisional figure)
Joined the European Union: 1 May 2004
Currency: Cyprus pound (CYP)

Euro information

Status: Cyprus will adopt the euro on 1 January 2008. The Cyprus pound joined the Exchange Rate Mechanism (ERM II) on 2 May 2005.

Fixed conversion rate: €1 = 0.585274 CYP

Adoption of the euro: Cyprus has chosen a 'big bang' scenario, with cash entering use on the same day that the euro officially becomes the country’s new currency (1 January 2008), and a dual circulation period running until 31 January 2008 during which payments could be made using both Cyprus pound notes and coins as well as the euro.

Exchange of former national currency:

  • At commercial banks until the end of June 2008, with a limit of CYP 1 000 for banknotes and CYP 50 for coins per transaction.
  • At the Central Bank of Cyprus until 31 December 2009 for Cyprus pound coins, and until 31 December 2017 for Cyprus pound banknotes.
  • Dual display of prices: Display of prices in both euro and Cyprus pounds is mandatory from 1 September 2007 until 30 September 2008.

Euro toll-free line: 8000 2008

Documents and publications

Practical preparations

EU official documents


Euro portals




Source: European Commission