GOVERNMENT LIAISON DETAIL

GOVERNMENT LIAISON DETAIL

This page last updated 06/12/2007

	Detail
06/12/2007	Replacement of the Cyprus Pound by the Euro

Please note that on the 1st of January the Cyprus Pound will be replaced by the Euro. The Cyprus Pound and the Euro will be in parallel circulation from 1 - 31st of January 2008 and both will be accepted for payments. All non cash transactions i.e. cheques, card etc will be in Euros.

After this period of parallel circulation Banks will exchange banknotes and coins free of charge up to a ceiling (1000 pounds per customer plus 50 pounds coins) for a period of 5 months i.e. 30-6-08.Also the Central Bank of Cyprus will continue to exchange free of charge bank notes for Euros until 31st December 2017 however coins only until 31st December 2009.

After completion of the changeover (1st February 2008).From 1st February 2008 cash in Cyprus Pounds will cease to be legal tender and will not be accepted for payments and all payments will be carried out in Euros.

Stuart Baird
Government Liaison
British Residents Society

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