Neha Patil (Editor)

Cypriot pound

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Code  CYP
⁄1000  mil
Banknotes  £1, £5, £10, £20
⁄100  cent
Symbol  £
Cypriot pound
Coins  1, 2, 5, 10, 20, 50 cents

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 14-piastre coin was equal to 10 para (παράδες) and called δεκάρα in Greek and the 12-piastre coin was equal to 20 para and called εικοσάρα.

The introduction of the British currency into Cyprus was controversial from its inception in 1879 as technically the island remained a province of the Ottoman Empire and the right to issue currency within the Ottoman Empire rested solely with the Ottoman Sultan. A question on the legality of introducing the pound in Cyprus was raised by the British Member of Parliament, Mr. Thomson Hankey in the United Kingdom parliament in 1879, but concerns were dismissed by the British government, and they ceased to be an issue on the island following its full annexation by Britain in 1914.

In 1955, a decision was made by the British colonial authorities to decimalise the Cypriot pound, and in this they used the system proposed by William Brown, a member of the United Kingdom parliament, who suggested in 1855 that the pound sterling in the United Kingdom should be divided into one-thousand parts, each called a mil. Although this system was never adopted in the United Kingdom, it was used in several British colonies, including Hong Kong from 1863 to 1866; and the British Palestine Mandate from 1926 until 1948. This latter example may have been the impetus to use a pound-mil system in Cyprus as the Palestinian pound was for a brief period accepted as legal tender in Cyprus.

Cyprus decimalized in 1955 with 1000 mils (μιλς, mil) to the pound. Colloquially, the 5-mil coin was known as a "piastre" (not an exact equivalence; the piastre was equal to 5 59 mils) and the 50-mil coin as a "shilling" (an exact equivalence).

The subdivision was changed to 100 cents (σεντ, sent) to the pound on 3 October 1983. At that time, the smallest coin still in circulation was that of 5 mils. This was renamed as 12 cent, but soon was abolished. Mil-denominated coins are no longer legal tender.

Towards the end of the Cypriot pound era, some cashiers omitted the 1- and 2-cent coins from the change they gave. Owner-operated businesses often rounded down the net amount to be paid to the nearest multiple of 5 cents.

Towards the euro

The Cypriot national currency was replaced by the euro on 1 January 2008. The currency entered the Exchange Rate Mechanism II on 2 May 2005 and it was limited within the band of CYP 0.585274 ±15% per euro. A formal application to adopt the euro was submitted on 13 February 2007. On May 16, 2007, Cyprus, along with Malta, received the European Commission's approval for this and was confirmed by the European Parliament on 20 June 2007 and the EU leaders on 21 June 2007. The permanent exchange rate, EUR 1.00 = CYP 0.585274, was decided by the EU Finance Ministers on 10 July 2007. From 12 July 2007 to 5 December 2007, the exchange rate remained at 0.5842. Since 7 December 2007, the rate has been fixed at the irrevocable rate, € = £0.585274.

In summer 2006, the Bank of Cyprus started including on its statements the indicative balance in euros. The Cyprus Telecommunications Authority followed suit with its bills two months later. A small number of shops also showed indicative euro totals on their receipts. By late autumn 2006, the number of banks and shops offering indicative euro equivalents on their statements and pricing had increased significantly.

Euro changeover

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 €1. However, pound banknotes and coins continued to have legal tender status and were accepted for cash payments until 31 January 2008. Cypriot pounds were convertible free of charge at Cypriot credit institutions until 30 June 2008. CYP coins were convertible at the Central Bank of Cyprus until 31 December 2009 and CYP banknotes will be convertible until 31 December 2017.

For a wider history surrounding currency in the region, see The History of British Currency in the Middle East.


In 1879, copper coins were introduced in denominations of 14, 12, and 1 piastre. The Greek-Cypriots called the first of these coins the δεκάρα (dekara—from the Greek word deka that means ten), referring to its equivalence to 10 para. The Greek name for the 12-piastre coin was εικοσάρα (ikosara—from the Greek ikosi that means twenty). These coins were followed, in 1901, by silver 3, 4 12, 9 and 18 piastres, the last two being equal to 1 and 2 shillings. The 3 piastres was only issued that year. The 14 piastre was last struck in 1926. In 1934, scalloped-shaped 12 and 1 piastre coins were introduced struck in cupro-nickel, changing to bronze in 1942. In 1947, cupro-nickel 1 and 2 shillings replaced the silver coins. The last piastre and shilling coins were issued in 1949.

Decimal - mils

In 1955, 3, 5, 25, 50 and 100-mil coins were introduced, with the lowest two struck in bronze and the others in cupro-nickel. In 1963, dodecagonal, aluminium 1 mil coins were introduced, following the discontinuation of the 3 mil coin. Dodecagonal, aluminium 5 mil coins were introduced in 1981.

Decimal - cents

In 1983, coins were introduced for 12, 1, 2, 5, 10 and 20 cents, with the 12 cent the same size and composition as the earlier 5 mil coins. The other coins were struck in nickel-brass. The 12 cent was only struck in 1983. In 1991, cupronickel, Reuleaux heptagonal (curved-equilateral-heptagonal) 50-cent coins were introduced.


Cypriot pound Wikipedia