Cyprus - Currency

Cypriot pound

The Cyprus Pound, also known unofficially as the Cyprus Lira and is the currency used in Cyprus.

The Cyprus pound was introduced in 1879. It was equal in value to the pound sterling until 1960 and was initially divided into 20 shillings. However, unlike sterling, the shilling was divided into nine piastres, thus establishing a link to the previous currency, the Turkish Kurus. In 1955, Cyprus decimalized, with 1000 mils to the pound. This was changed to 100 cents to the pound in 1983. Mil-denominated coins are no longer legal tender.

It will be replaced by the euro in the near future, which the Cypriot authorities hope to be as early as 2007. The currency entered the Exchange Rate Mechanism II on May 2, 2005.

Coins in current use -

1 cent
2 cent
5 cent
10 cent
20 cent
50 cent

Banknotes in current use -

1 Pound
5 Pound
10 Pound
20 Pound

Banking

Commercial banks in Cyprus offer a wide range of banking services in Cyprus pounds, as well as in foreign currencies, and have correspondents in most major cities around the world. They are also full members of the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Commercial banking is based on UK banking law and practice and commercial banks are supervised by the Central Bank of Cyprus.

Banking hours for the public

September
Monday-Friday 08:15 - 13:00
Monday 15:15 - 16:45

October to April
Monday-Friday 08:30 - 13:00
Monday 15:15 - 16:45

May to August
Monday-Friday 08:15 - 13:00

Banks are closed at weekends and on public holidays and Easter Tuesday. Christmas Eve is a working day for banks.

Banks at Larnaka and Pafos International Airports provide exchange bureaux services on a 24-hour basis. Similar facilities are also available at Lemesos harbour.

There are many Automated Teller Machines (ATMs) outside most branches of banks in all towns and in the main tourist resorts of Agia Napa and Paralimni.

Hotels, large shops and restaurants normally accept credit cards and traveller's cheques. Banknotes of major foreign currencies are also acceptable. Rates of exchange are published daily in the local press and are broadcast through the media.

Further information of Cyprus's banking system is available at the Central Bank's website www.centralbank.gov.cy or the website of commercial banks.

Credit Cards

Visitors in possession of any of the following international credit cards may contact the appropriate bank for the withdrawal of cash.

VISA CARD: Bank of Cyprus Ltd., Cyprus Popular Bank Ltd., Hellenic Bank, Alpha Bank Limited, National Bank of Greece, Arab Bank, Commercial Bank and Co-Op branches.
DINERS CLUB, CARTE BLANCHE: Bank of Cyprus Ltd.
MASTERCARD: Bank of Cyprus Ltd., Cyprus Popular Bank Ltd., National Bank of Greece, Hellenic Bank, Alpha Bank and Co-Op branches.
AMERICAN EXPRESS: Cyprus Popular Bank Ltd.
More than 15.000 shops, restaurants and hotels accept at least one of the above Credit Cards. Establishments with P.O.S. accept also VISA ELECTRON and MAESTRO. Usually the Card symbol is displayed in the shop window or at the reception.
Eurocheques and travellers cheques are also accepted by all banks, shops, restaurants etc.