Cypriot pound
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| Cypriot pound λίρα Κύπρου (Greek) Kıbrıs lirası (Turkish) |
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| ISO 4217 Code | CYP | ||||
|---|---|---|---|---|---|
| User(s) | Cyprus (except in the self-proclaimed Turkish Republic of Northern Cyprus), Akrotiri and Dhekelia | ||||
| Inflation | 2.8% | ||||
| Source | The World Factbook, 2005 est. | ||||
| ERM | |||||
| Since | 2 May 2005 | ||||
| € = | £0.585274 | ||||
| Band | 15% | ||||
| Subunit | |||||
| 1/100 | cent | ||||
| 1/1000 | mil | ||||
| Symbol | £ | ||||
| Coins | 1, 2, 5, 10, 20, 50 cents | ||||
| Banknotes | £1, £5, £10, £20 | ||||
| Central bank | Central Bank of Cyprus | ||||
| Website | www.centralbank.gov.cy | ||||
The Cypriot 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, including the Sovereign Base Areas in Akrotiri and Dhekelia.[1][2] However, the self-proclaimed Turkish Republic of Northern Cyprus uses the Turkish new lira.
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, a formal application was lodged on 13 February 2007. The currency entered the Exchange Rate Mechanism II on 2 May 2005. It is bounded within the C£0.585274 ±15% per euro band.
In Summer 2006, the Bank of Cyprus started including on its statements the indicative balance in euros. The Cyprus Telecommunications Authority followed suit with its bills two months later. A small number of shops also showed indicative euro totals on their receipts. By late Autumn 2006, the number of banks and shops offering indicative euro equivalents on their statements and pricing had increased significantly.
Contents |
[edit] Coins
Coins in current use [1] 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)
| Circulating Coins | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Diameter | Thickness | Weight | Composition | ||
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1 cent | 16.50mm | 1.35mm | 2.00g | Cu, Zn, Ni | ||
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2 cents | 19.00mm | 1.25mm | 2.50g | Cu, Zn, Ni | ||
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5 cents | 22.00mm | 1.40mm | 3.75g | Cu, Zn, Ni | ||
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10 cents | 24.50mm | 1.70mm | 5.50g | Cu, Zn, Ni | ||
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20 cents | 27.25mm | 1.80mm | 7.75g | Cu, Zn, Ni | ||
| 50 cents | 26.00mm | 1.80mm | 7.00g | Cu, Ni | |||
The 20 cent coin currently minted has a different reverse side than the one shown above. Specifically, it shows the head of Cypriot philosopher Zeno of Citium.
When brand new, the first five coins (1, 2, 5, 10, and 20 cent) have exactly the same bright golden color and they do not differ as shown on the table above. The 50 cent coin has a bright silver color.
[edit] Banknotes
- 1 pound (λίρα)
- 5 pounds (πεντόλιρο)
- 10 pounds (δεκάλιρο)
- 20 pounds (εικοσάλιρο)
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[edit] See also
[edit] References
- ^ Appendix O to the Treaty of Establishment, Declaration by Her Majesty's Government regarding the administration of the sovereign base area. Retrieved on October 9, 2006.
- ^ British Forces Cyprus. A Cyprus Posting: Financial Information. Retrieved on October 9, 2006.
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