Cyprus-Forum.com

by **biljud** » Sat Nov 03, 2007 3:01 pm

WE ARE GOING TO CYPRUS IN THE NEW YEAR FOR 5 WEEKS AND WILL BE BRINGING CYPRUS POUNDS WITH US RATHER THAN EUROS.
THE QUESTION IS : DOES CYPRUS JOIN THE EURO IN JANUARY? AND IF SO IS THERE A TRANSITION PERIOD WHEN BOTH CURRENCIES ARE ACCEPTABLE AND FOR HOW LONG.
WE WERE IN PORTUGAL WHEN THEY CHANGED AND THE CONFUSION WAS PRETTY AWFUL.

by **Niki** » Sat Nov 03, 2007 4:01 pm

Some info I found:-

1 January 2008 is known as E-Day (?). From this day:

Cash withdrawals from all Cyprus bank accounts will be in Euros
All cash machines (ATMs) will dispense Euros only
All salaries, pensions and government payments will be made in Euros
Prices for goods and services will be expressed in Euros
Until 31 January 2008 payment may be made in Cyprus Pounds but change must be given in Euros
Until 30 June 2008 banks will exchange old Cyprus Pounds (banknotes and coins) for Euros free of charge
There will be a parallel circulation of Pounds and Euros one month after 1 January 2008. After 31 January 2008 the Cyprus Pound will no longer be classified as legal tender and will have to be exchanged at banks.

For two years following E-Day the Central Bank of Cyprus will exchange Cyprus coins for Euros. It will exchange Pound notes for Euros for ten years until 31 December 2017.