Currency in Cyprus

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Currency in Cyprus

Cyprus has the euro (EUR, €) as its sole currency along with 23 other countries that use this common European money. These 23 countries are: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain (official euro members which are all European Union member states) as well as Andorra, Kosovo, Monaco, Montenegro, San Marino and the Vatican which use it without having a say in eurozone affairs and without being European Union members. Together, these countries have a population of 327 million.

One euro is divided into 100 cents. While each official euro member (as well as Monaco, San Marino and Vatican) issues its own coins with a unique obverse, the reverse, as well as all bank notes, look the same throughout the eurozone. Every coin is legal tender in any of the eurozone countries. If you have any old Cypriot pounds lying around, the Central Bank of Cyprus in Nicosia will exchange them at a rate of CYP 0.585274 per €1 until 2017.

In the Northern part, the "official" currency is the Turkish lira. Euro's are widely accepted in Northern tourist centers, but typically at a 2/1 ratio while actually 1 TL = € 0.42 (April 2012). There are many ATMs in the North too.

Things to Buy

  • Cypriot wine - the iconic local variety known as Commandaria is strong, sweet and somewhat akin to Porto wine
  • Lacework of an intricate nature - from the village of Lefkara.
  • Zivania - is a strong spirit based alcoholic drink
  • Leather goods such as shoes and handbags
  • Jewellery

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