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

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

€1 = 0.585274 CYP

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.

• 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.

8000 2008

Documents and publications

• 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)

• 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

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

• Ke?t???? ??ape?a t?? ??p??? (Central Bank of Cyprus, also in English)
• ?p????e?? ??????µ???? (Ministry of Finance of Cyprus, also in English)

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

• Cyprus Consumers Association