As the New Year draws closer each day, so does the introduction of the Euro to the government controlled areas of the island of Aphrodite - Cyprus, in other words.
All the islands facilities - public and private - are prepared for this major change. For those who have visited Cyprus in the last month and a half, they will have noticed that pricing at Restaurants, at Bars, in the Shops and many other places are now showing prices in both Cyprus pounds and Euros. This will continue to be so, up until the 30th September 2008 to assist the people in the currency change over.
The rate of exchange for Cyprus Pounds to Euros has been set by the Central European Bank at 0.585274. What does this mean in money terms? Each Euro is equal to 0.585274 Cyprus Pounds - and that 1 Cyprus Pound is equal to 1.708601 Euros.
Thus: €1 = CY£0.585274 and CY£1 = €1.708601
What will happen to the Cyprus pound after the introduction of the Euro? During the time 1st January 2008 until the 31st January 2008 both Cyprus pound and the Euro can still be used. Any payment made in Cyprus pounds is acceptable but any change left will be given back in Euros. After that period, only the Euro will be legal money.
Banking institutions will exchange Cyprus banknotes and coins for euro, free of charge, at least for the amount of £1.000 for banknotes and £50 for coins, for a period of 6 months from the date of the introduction of the euro, i.e. until 30.6.2008.
Thankfully, for those who still have Cyprus pounds on them after that, they will be able to go to any commercial bank and change them into Euros until a time yet to be set by the Central Bank of Cyprus. After that time, for the remaining(2) years the Central bank will change coins free of charge - that is until the 31st December 2009, and for the next ten (10) years will change Cyprus notes into Euro - until the 31st December 2017.
It should be said that shops, restaurants etc will still accept the Cypriot pound up until the 31st January but any change must be given in Euros.
On the next page, a few facts of the Euro are given,
Yiannakis
