Cyprus and the Euro
Artists Erik Maell and Tatiana Soteropoulos were chosen by the Central Bank of Cyprus to create and illustrate the designs to be used for the coins.
On 10 July 2007, the Council of the European Union approved Cyprus application to join the euro area on January 1, 2008. The euro (EUR) replaced the Cyprus pound at the irrevocably fixed exchange rate of €1 = CYP 0.585274. The prompt pre-distribution of euro cash to professional third parties prior to 1 January 2008 helped to ensure a smooth cash changeover, alleviate the logistical burden and reduce the costs of dual currency circulation. The pre-
Cyprus joined the European Union
in 2008 in the euro area.
distribution of euro banknotes to banks commenced on November 19, 2007; while coins were pre-distributed as from October 22, 2007. In addition, the Central Bank of Cyprus, banks and co-operative credit societies started selling euro coin starter kits to the public on December 3, 2007.
As from 1 February 2008, only euro banknotes and coins may be used for payments in Cyprus, but banks and co-operative credit societies will be able to exchange Cyprus pound banknotes and coins free of charge at the fixed conversion rate until June 30, 2008. Fees are charged if the amount per customer and transaction exceeds CYP 1,000 for banknotes, and CYP 50 for coins. Thereafter, it will still be possible to exchange Cyprus pound banknotes for ten years and coins for two years at the Central Bank of Cyprus.
