On the 1st of January 2008 Cyprus has adopted the euro, the single European currency.

The conversion rate that has been already fixed by the European Central Bank is Euro1: CY£0.585274. All amounts converted from Cyprus Pound to Euro and vice-versa will be rounded up or down to the nearest cent. For example, an amount of CY£25.20 is converted to Euro43.056 (25.20/0.585274) and rounded up to Euro43.06. An amount of CY£43.03 is converted to Euro73.521 (32.60/0.585274) and rounded down to Euro73.52. For a period of one month from 1st January 2008 until 31st January 2008 Cyprus pound will circulate in parallel with the Euro but will be accepted for cash transactions only. Any contracts that have been already signed in Cyprus Pounds will continue to be effective and will automatically be converted into Euros using the conversion rate mentioned above. Additionally, for those customers who have outstanding instalments due, they simply have to send the equivalent amount in Euros, after converting their instalment in Cyprus pounds as per their sale contracts, with the above mentioned rate. As from 1st of January 2008, all outstanding bank balances and/or loans in Cyprus pounds will be converted in Euros. Any cheque issued in Cyprus pounds dated up to 31 December 2007 and presented for payment after 01 January 2008, will be paid in Euros for a period of six months after the date issued. On your visit to Cyprus after the 1st January 2008 you will notice that products have a dual pricing display (Euros and Cyprus pounds).