Frequently Asked Questions

For more information you can read the frequently asked questions

1. When will the Euro be introduced in Cyprus?
The target date for the introduction of the Euro in Cyprus is the1st of January 2008.

2. How many countries are members of the Euro zone as at January 2007?
Thirteen countries are members of the Euro zone. The Euro is the currency of the following European Union countries: Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, The Netherlands, Austria, Portugal, Finland and Slovenia.

3. What is the official symbol of the Euro?
The official symbol of the Euro is €. The symbol € is inspired by the Greek letter epsilon pointing back to the cradle of European civilisation and the first letter of Europe, crossed by two parallel lines to indicate the stability of the Euro. The official abbreviation of the Euro is ‘EUR’.

4. Which are the coins and banknotes denominations of Euro?
The Euro circulates in eight (8) coin denominations and seven (7) banknote denominations and is divided into 100 cents. More analytically:

• The coins denominations are 1, 2, 5, 10, 20, 50 cent and 1 and 2 Euro.

• The banknotes denominations are: 5, 10, 20, 50, 100, 200 and 500 Euro.

5. What are the characteristics of banknotes?
The banknotes have the same appearance in all Euro zone countries on both their sides. The designs of the notes are the same through out the Euro area and feature windows, gateways (on the front) and bridges (on the reverse) from different periods in Europe’s architectural history. The banknotes differ in size and their colours include shades of green, yellow, sky blue, purple and orange. Therefore, banknotes, which will be placed into circulation in Cyprus, will be exactly the same as those circulating in all Euro zone countries.


6. What are the characteristics of coins?
Each Euro coin has a common European design on one side, which is exactly the same for all countries in the Euro zone and an individual national design on the other.

7. What are the themes used for Cyprus’s coins?
The themes of the designs are chosen to reflect the special character of Cyprus in the sphere of culture, history and nature. With reference to the sphere of culture the national side will depict the ‘Idol from Pomos’. This is a cross-shaped idol from the village of Pomos that dates back to the halcolithic period (3000 BC). It is a characteristic sample of the prehistoric art of Cyprus.

In the sphere of history the ‘Ship of Kyrenia’ has been chosen which portrays the importance of Cyprus in trade and maritime activities.
In the sphere of nature, the ‘Mouflon’ has been chosen, as the most characteristic animal species of Cyprus.

8. When will the Cyprus pound exchange rate be locked in against the Euro?
The irrevocable exchange rate at which the Cyprus pound will be locked in, in relation to the Euro is expected to be fixed after May 2007(during July 2007).

9. Which are the main rules of conversion?
The final conversion rate of CYP/EUR is expected to be fixed after May 2007(during July 2007). There are obligatory requirements for converting from CYP into EUR and vice versa.

• The conversion rate should be used with all 6 decimal places during the conversion process, in the format of 1€ expressed in terms of the national currency (e.g. €1= CYP 0,585274 is the rate when Cyprus joined the ERM II) – It is not allowed to use inverse rates.
• The CYP amount, which is to be converted into Euro, must be divided by the conversion rate to produce the Euro amount.
• The Euro amount must be multiplied by the conversion rate to produce the CYP amount.
• The conversion rate should not be rounded during the conversion process.
• The amounts produced after the conversion should be rounded up or down to the nearest cent.

Example of price conversion:

Assuming that €1= CYP 0,585274 (indicative rate only)
• CYP 16,28/0,585274= €27,816031 and rounded up to €27,82
• €25,00 x 0,585274= CYP 14,631850 and rounded down to CYP 14,63

10. What is parallel circulation and how long will last for daily transactions?
The parallel circulation period will last for one month after the adoption of the Euro, from 1/1/2008 to 31/1/2008. During this period there will be a circulation of cash in Cyprus pounds in parallel with the Euro. The Cyprus pound will continue to be accepted in daily transactions, however businesses will give any changes, only in Euro. As from 1/2/2008 the Cyprus pound will cease to be accepted in daily transactions.

11. Which is the principle regarding the continuity of contracts?
The replacement of the national currency does not change the obligations stipulated in any contract. This is binding for all countries within the EU.

12. How will the bank accounts be affected by the adoption of Euro?
On 1st January 2008 all account balances in Cyprus pounds will be converted automatically into Euro free of charge. The conversion will be done on 1/1/2008, using the fixed CYP/EUR rate, at no cost to the customer.

13. How will cheques be affected?
All cheques issued as from 1/1/2008 should be in Euro. Therefore any CYP cheques issued after 31/12/2007 will not be valid. Banks will take the necessary measures in order to provide promptly their customers with chequebooks in Euro.

14. How will the ATMs be affected?
Withdrawals from ATMs after 1st of January 2008 will be conducted only in Euro. The card number and personal identification number (PIN number) will remain unchanged.

15. How will interest rates be affected?
Contracts containing fixed interest rates will remain unchanged (based on the principle of continuity of contracts). However, where variable interest rates are stipulated, these will be replaced by the corresponding Euro zone rates.

16. How will standing orders be affected?
All standing orders and direct debits for the repayment of utility bills or for repayment of loans and credit cards in Cyprus pounds will continue to be valid and will be carried out in EURO instead of Cyprus pounds. The payable amounts will be automatically converted using the irrevocably fixed exchange rate and the rounding will be applied according to the rounding rules.

17. How will the salaries be affected after the adoption of the Euro?
As from 1 January 2008,employees will be paid in Euros. Employee salaries and other benefits must be converted into Euros according to the applicable irrevocable fixed exchange rate and rounding rules.

18. How will pensions be affected?
Employee pension balances will also be converted into Euro according to the applicable irrevocable fixed exchange rate and rounding rules.

19. Will there be a supervising body controlling the operations regarding the adoption of Euro?

One supervision body per district will be involved in the monitoring and implementation of the various legal requirements relating to the introduction of Euro.

20. Can I use Cyprus Euro coins, that is Euro coins bearing on one side a Cyprus theme, in another country of the Euro zone?

Yes. The coins will be used in all member-states independently of their national side. All Euro coins issued by member states are legal tender throughout the whole Euro area.

21. After conversion date will there be a transitional period while I will still be able to write cheques in CYP?

No, after conversion date all cheques issued in CYP will not be valid. After 31/12/2007 all cheques issued should be in Euro.

22. Where could one find additional information on Euro?

The following websites have very useful information regarding Euro:
• Republic of Cyprus-National Euro website: http://www.euro.cy
• European Central Bank- The Euro: http://www.ecb.int
• The European Commission – http://ec.europa.eu
• The Central Bank Of Cyprus: http://www.centralbank.gov.cy

Related Links

• SGBCy Tariff Guide in EURO
• Introduction of the Euro in Cyprus Leaflet
• Frequently Asked Questions
• Euro Games
• Informative letters to clients