Since the 1st January 2008, the official Cyprus currency is the Euro €. Banks and retail establishments will no longer accept the old Cyprus pounds currency as legal tender, however the Central Bank of Cyprus will exchange Cyprus coins for Euros up until 31st December 2009, and Pound notes for Euros until 31 December 2017. The conversion rate between the euro and the Cyprus pound was set at CY£0,585274.
You can find the Central Bank of Cyprus at 80, Kennedy Avenue, CY-1076 Nicosia, or Telephone +357 22 71 41 00.
The euro notes do not have any national element to Cyprus as all Euro notes are the same throughout Europe. The notes come in denominations of 5, 10, 20, 50, 100, 200 and 500 euros. Each has a different colour and size. The larger the denomination the larger the note. See picture above.
The euro coins do have a national element for each country (See picture avove). For Cyprus there are three. On the smaller 1, 2 and 5 cent coins depict the Cyprus Mouflon. The 10, 20 and 50 cent coins depict the ancient ship of Kyrenia . Whilst the largest of the coins, the 1 and 2 euro coins depict the Pomos cross. The common side of all euro coins bears their denomination. The Cyprus 2 euro coin also won the 'Best Trade Coin' award in 2009, which was organised by the American publisher of 'World Coin News'. According to the judges, the coin possesses all-round appeal both from the aesthetic and commercial viewpoints, and best meets the basic considerations of actual circulation as a monetary unit.
Its easy to find currency exchange outlets in Cyprus, in banks, or many hotels and shops, especially in tourist areas. Its advisable if you are arriving on holiday to bring a few euros with you, just in case you arrive on a long holiday weekend such as Easter, when it may be more difficult to get currency exchanged. You can then exchange the rest of your currency as and when needed thoughout your holiday time.
If you need to send a large amount of money to Cyprus to be exchanged to euros, for instance for a property purchase, then it is easy to do so via International bank transfer. There are also licenced foreign currency exchange broker companies in Cyprus that specialise in foreign currency transfers, and may offer you a better rate of exchange than the banks. Before transferring any large amount of money it is advisable to check out charges and rate of exchange first so as to keep your costs as low as possible. Some banks banks have significantly increased charges, so look around for your best option. You should ensure that you receive the commercial rate of exchange and not the tourist rate of exchange.