Cyprus Pound
| Cypriot pound | |
|---|---|
|
Λίρα Κύπρου (Greek) Kıbrıs lirası (Turkish) |
|
£20
|
|
| ISO 4217 | |
| Code | CYP |
| Denominations | |
| Subunit | |
| 1⁄100 | cent |
| 1⁄1000 | mil |
| Symbol | £ |
| Banknotes | £1, £5, £10, £20 |
| Coins | 1, 2, 5, 10, 20, 50 cents |
| Demographics | |
| User(s) | None, previously: Cyprus Akrotiri and Dhekelia
|
| Issuance | |
| Central bank | Central Bank of Cyprus |
| Website | www |
| Valuation | |
| Inflation | 2.8% |
| Source | The World Factbook, 2005 est. |
| ERM | |
| Since | 2 May 2005 |
| Fixed rate since | 7 December 2007 |
| Replaced by €, cash | 1 January 2008 |
| € = | £0.585274 |
| Band | pegged in practice, 15% de jure |
|
This infobox shows the latest status before this currency was rendered obsolete.
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The pound, also known as the lira (Greek: λίρα / plural λίρες and Turkish: lira, from the Latin libra through the Italian lira), was the currency of Cyprus, including the Sovereign Base Areas in Akrotiri and Dhekelia, until 31 December 2007, when the Republic of Cyprus adopted the euro. However, the self-proclaimed Turkish Republic of Northern Cyprus used and still uses on the official level the Turkish lira.
The Cypriot pound was replaced by the euro as official currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange rate of CYP 0.585274 per EUR 1.00.
The British introduced the pound sterling unit to Cyprus in 1879 at a rate of one to 180 Turkish piastres. It remained equal in value to the pound sterling until 1972, some twelve years after Cyprus gained independence from the United Kingdom. Initially the Cyprus pound was divided into 20 shillings (σελίνι / σελίνια, şilin), in common with its United Kingdom counterpart. However, unlike the United Kingdom shilling, the Cyprus shilling was divided into 9 piastres (γρόσι / γρόσια, kuruş), thus establishing a nomenclature link to earlier Ottoman currency. The piastre was itself divided into 40 para (like the kuruş). The para denomination did not appear on any coins or banknotes but was used on postage stamps. However, the 1⁄4-piastre coin was equal to 10 para (παράδες) and called δεκάρα in Greek and the 1⁄2-piastre coin was equal to 20 para and called εικοσάρα.
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Wikipedia