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Cyprus Gets Euro

Cyprus joins the Eurozone on 1st January 2008

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The Cyprus Tourism Organisation has implemented a detailed changeover plan to assist holidaymakers as Cyprus prepares for the introduction of the Euro in 2008. The official currency of Cyprus will change from the Cyprus Pound to the Euro on 1 January 2008 with parallel use of both currencies until 31 January 2008.

From 1 February 2008, the Cyprus Pound will cease to be legal tender and can not be accepted for any payments. During an interim period that started on 1 September 2007 and will continue until 30 September 2008, a dual pricing system will be compulsory, with all prices shown in the two currencies.

The official conversion rate, effective from 1 January 2008, has been set by the EU Council of Economic and Finance Ministers at 1 Euro to 0.585274 Cyprus Pounds, equivalent to 1 Cyprus Pound to 1.71 Euros. The European Commission has praised Cyprus’ preparations for adopting the euro and expressed confidence that the changeover arrangements were on track.

25 September 2007

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