Cyprus: European Euro
Cyprus is a part of the European Union. The currency which is used in Cyprus is European euro. Like all other countries of European Euro¸ Cyprus was also compelled to circulate euro as being the part of the European Union. Cyprus used to use Cypriot pound before the introduction of European Euro. Cypriot pound was in circulation for a long time in Cyprus and was considered the official currency. As of January 1st 2008¸ Euro has become the official currency of Cyprus. The Cypriot pound is considered to be twice the values of Euro.
Cyprus Currency Name
The name of Cyprus currency was initially Cypriot pound. But after the introduction of Euro the Cypriot pound is no more used in Cyprus.
Cyprus Currency ISO 4217 Code
The ISO 4217 Code is used to identify the currency of a particular country. The ISO 4217 code of Cyprus currency is XE i.e.¸ euro. The ISO 4217 code of the previous Cyprus currency Cypriot pound is CYP.
Cyprus currency is the European Euro and the euro banknotes are circulated in the denominations of €500¸ €200¸ €100¸ €50¸ €20¸ €10¸ €5. There was a problem in local traders as giving back change to the customers in lesser denominations was becoming difficult. Therefore the European Union was compelled to issue lesser denomination coins so that the local trading can continue smoothly with no problems in the money transactions.
Cyprus euro coins are found in the denominations of €2¸ €1¸ 50c¸ 20c¸ 10c¸ 5c¸ 2c¸ and 1c. Trading becomes much easier with the introduction of these euro coins. The lesser denominations help the customer in buying what he needs and not more than that. The minor coins have the symbol of mouflon. It is the symbolic fauna of Cyprus. For the middle coins¸ the Greek Kyrenia Ship is minted. For the major coins the idol of Pomos is found on the coins. The idol is a prehistoric cross shaped idol which is found in Cyprus.
Cyprus Currency Symbol
The currency symbol of Cyprus is ‘€’. This is the symbol of Euro which is recognized worldwide.
Official Users of Cyprus Currency
Till 2008 when the official currency was Cypriot pound¸ the Cyprus currency could be used only in Cyprus. But as the country is now using European Euro¸ the Cyprus currency can be used in any of the other European Union countries. But when you leave the vicinity of the European Union you need to exchange the currency with dollar or pounds. Ideally people tend to exchange with dollar as it is accepted in most of the countries outside Europe and also it is easier to exchange in other countries.
Currency Exchange Rate to other World Famous Currencies like US
The exchange value of a Cypriot pound to a euro is
;CYP 0.585274 per EUR 1.00
The Euro is valued to be one of the highest currencies. Its exchange rate is ideally compared with the USD as USD is applicable worldwide.
1 Euro = 1.36773 USD
*the above given exchange rate is stated as of 21st February 2011. The exchange rates value varies depending on many factors.