Cyprus at a glance

Surface area: 9 250 km²
Population: 801 622 (Eurostat 2009)
Joined the European Union: 1 May 2004
Currency: Euro since 1 January 2008 (formerly Cyprus pound, CYP)

Euro information

Status: Euro-area member since 1 January 2008

Fixed conversion rate: €1 = 0.585274 CYP

Adoption of the euro: Cyprus chose a 'big bang' scenario, with cash entering use on the same day that the euro officially became 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

• The introduction of the euro in Cyprus and Malta. COM(2008)204 final
• Sixth report on the practical preparations for the future enlargement of the euro area. COM(2007) 756 final
• 2007 Convergence Report on Cyprus. COM(2007) 255 final, and Technical Annex [204 KB] SEC(2007) 623 also published as European Economy, No. 6/2007 [800 KB] (European Commission)
• 2007 Convergence Report (European Central Bank, also in Greek )
• Cyprus pound included in the Exchange Rate Mechanism II [46 KB] (European Commission, 29 April 2005)

Publications

• Cyprus and Malta: two islands, one currency (European Economy news, nr 9, January 2008)

Press releases

• Changeover to the euro in Cyprus and Malta (IP/08/602 of 18/04/2008)
• The Cypriot and Maltese changeover are almost complete (IP/08/36 of 14/01/2008)
• Close to 3/4 of all payments by Cypriot and Maltese citizens now in euro (IP/08/18 of 07/01/2008)
• Cypriots and Maltese quickly starting to use the euro (IP/08/06 of 03/01/2008)
• Cyprus adopts the euro (IP/08/01 of 01/01/2008)
• Three days to go before Cyprus and Malta adopt the euro (IP/07/1993 of 28/12/2007)
• Final countdown to the euro in Cyprus and Malta (IP/07/1982 of 21/12/2007)
• Sixth Report on practical preparations for the euro: countdown for Cyprus and Malta (IP/07/1769 of 27/11/2007)
• 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 222-223. Euro introduction in Cyprus and Malta. Ex-post citizen survey (March 2008)
  Summary [2 MB]  / Report [5 MB]
• Flash Eurobarometer 220. Dual circulation period in Cyprus (January 2008)
  Summary [2 MB] / Report [377 KB]
• Flash Eurobarometer 218. Survey among enterprises in the Republic of Cyprus (November 2007)
  Summary [504 KB] / Report [2 MB]
• Flash Eurobarometer 214 (November 2007)
  Summary [17 KB]
• Flash Eurobarometer 207 (May 2007)
  Summary [18 KB]
• Flash Eurobarometer 200. Survey among enterprises in the Republic of Cyprus (March 2007)
• Flash Eurobarometer 191 (November 2006)
  Short summary [14 KB]
• Flash Eurobarometer 183 (June 2006)
• Flash Eurobarometer 175 (November 2005)
• Flash Eurobarometer 165b (October 2004)

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