As from 1st January 2008 the Cyprus pound has been replaced by the Euro as the legal tender money of Cyprus at the irrevocable fixed exchange rate € 1 = CY£ 0,585274.
There are seven denominations in Euro banknotes: 5, 10, 20, 50, 100, 200 and 500 euro. They all have different colour and size, the higher the denomination, the bigger the size. One euro is divided into 100 cent. There are eight euro coins: 1, 2, 5, 10, 20 and 50 cent, €1 and €2. The designs on one side of the coins are common to all the countries of the euro area, while the other side reflects national identities. All euro coins can be used in all euro area countries, irrespective of their national side.
All banks operating in Cyprus offer foreign currency exchange services and quote the exchange rates of the Euro against all major foreign currencies daily. Foreign currency can also be exchanged at hotels.
Forms of payment
Hotels, large shops and restaurants accept credit cards, travellers' cheques, Eurocheques and banknotes of major foreign currencies.