Cypriot pound

The Cyprus Pound, also known unofficially as the Cyprus Lira (from Latin libra pronounced in Greek λίρα / plural λίρες and Turkish lira), 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 (σελίνι / σελίνια, şilin). However, unlike sterling, the shilling was divided into 9 piastres (γρόσι / γρόσια, kuruş), thus establishing a link to the previous currency, the Turkish lira which was divided into 100 kuruş. But, the Cyprus pound was divided into 180 piastres and each was further divided into 40 paras. Over time, inflation diminished the value of para and in 1955, Cyprus decimalized with 1000 mils (μιλς, mil) to the pound. Colloquially, the 5 mil coin continued to be known as a "piastre" and the 50 mil coin as a "shilling". The subdivision was changed to 100 cents (σεντ, sent) to the pound in 1983. At that time, the smallest coin still in circulation was that of 5 mils as inflation was slowly taking its toll. This was renamed as ½ cent, but soon was abolished. Mil-denominated coins are no longer legal tender.

Currently, at rare instances, cashiers omit the 1 and 2 cents coins from the change they give. Many owner operated businesses, though, often round down the net amount to be paid to the nearest multiple of 5 cents.

The Cyprus national currency will be replaced by the euro in the near future which the Cypriot authorities hope to be as early as 1 January 2008. The currency entered the Exchange Rate Mechanism II on 2 May 2005. It is bounded within the C£0.585274 ±15% per euro band.

Coins

Coins in current use ^* and colloquial (unοfficial) names in parentheses:

1 cent (μονόσεντο)
2 cents (δίσεντο)
5 cents (πεντάρα) / (σελίνι)
10 cents (δεκάρα) / (διπλοσέλινο / τσιφτές)
20 cents (εικοσάρα) / (τετρασέλινο)
50 cents (πενηντάρα) / (δεκασέλινο)

Banknotes

Banknotes in current use ^* and colloquial (unοfficial) names in parentheses:

1 Pound (μονή)
5 Pounds (πεντόλιρο) / (πεντάρικο)
10 Pounds (δεκάλιρο) / (δεκάρικο)
20 Pounds (εικοσάλιρο) / (εικοσάρικο)

Currencies of Europe | Economy of Cyprus

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Coins

Banknotes