Cyprus and the euro

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

• National Euro Changeover Plan (revised version, June 2007, also in English)
• Cash Changeover Plan (May 2007, also in English)
• Law for the Adoption of the Euro (March 2007) and amendments (June 2007) (also in English)
• Information campaign plan of the Central Bank of Cyprus (June 2007, also in English)

EU official documents

• Fifth report on the practical preparations for the future enlargement of the euro area. COM(2007) 434 final
• 2007 Convergence Report on Cyprus. COM(2007) 255 final, and Technical Annex SEC(2007) 623  also published as European Economy, No. 6/2007 (European Commission) 
• 2007 Convergence Report (European Central Bank, also in Greek) 
• Cyprus pound included in the Exchange Rate Mechanism II (European Commission, 29 April 2005) 

Press releases

• Fifth Report on practical preparations for the euro: Countdown for Cyprus and Malta (IP/07/1073 of 16/07/2007)
• Commission hails approval of the adoption of the euro in Cyprus and Malta (IP/07/1040 of 10/07/2007)
• Commission proposes that Cyprus adopts the euro in 2008 (IP/07/674 of 16/05/2007)
• Commission proposes that Malta adopts the euro in 2008 (IP/07/673 of 16/05/2007)
• Background information on the convergence reports on Malta and Cyprus (MEMO/07/193 of 16/05/2007)

Opinion polls and surveys

• Flash Eurobarometer 207 (May 2007)
  
• Flash Eurobarometer 200. Survey among enterprises in the Republic of Cyprus (March 2007)

Downloads

• Multimedia presentation 'From the pound to the euro' (Central Bank of Cyprus)
• National sides of Cypriot euro coins
  

Websites

Euro portals

• National euro website (also in English and Turkish)
• Euro section (on the Central Bank of Cyprus' website, also in English)

Institutions

• Kεντρικη Τραπεζα της Κυπρου (Central Bank of Cyprus, also in English)
• Υπουργείο Οικονομικών (Ministry of Finance of Cyprus, also in English)

Business

• Cyprus Chamber of Commerce and Industry (CCCI)
• Euro Info Centres in Cyprus

Consumers

• Cyprus Consumers Association