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My experience with the Euro in Cyprus

admin — Thu, 19 Jun 2008 19:25:22 +0000

I went to Ayia Napa at the end of April and was looking forward to experiencing spending the Euro there for the first time, at the time the exchange rate was at it’s lowest, at the airport I exchanged some English Pounds and got a rate of 1.18, which was terrible, so already I knew it would ’seem’ more expensive than previous, the other change was going to be seeing if places were profiteering from the change.

I’d read beforehand that places had to show dual pricing, Cypriot Pounds and the new Euro rate so I didn’t think they would be able to profiteer.

It appeared though that instead of converting the old Cypriot pound to the new Euro amount, it was the other way round, deciding on a euro rate and working backwards to give the Cyprus pound figure.

A pint of local beer, KEO, Carlsberg or Leon was around 3 euros at most places in Napa which at the 1.18 rate worked out at £2.54 a pint, compared to last year when a lot of places were charging CYP1.50, approx £1.80.

I think the main influence on it seeming expensive is the fact the euro rate is rubbish at the moment, the same time in April 2007 the rate was 1.47, so there you see that lovely local pint would have still been more expensive (£2.04) but not as much as 40%!

It will be interesting to see how the euro affects Cyprus by way of Tourism considering over 3m people visit the island from the UK alone, I can imagine those living on a UK pension in Cyprus are feeling the pinch a bit with the rate as it is.

It could be that it’s just expensive like this in Ayia Napa, I will be visiting again in September so will have to venture out and see.

End of an era for the Cyprus Pound

admin — Thu, 31 Jan 2008 14:13:17 +0000

TODAY is a landmark for the Cyprus Republic. It is the last day that the Cyprus pound will be in circulation. From tomorrow, it will cease to be the island’s medium of exchange, and all transactions will have to be paid for in euros.

People will still be able to exchange pounds at the banks until the end of June, after which only the Central Bank will be allowed to carry out these transactions – for another six to eight years. So nobody need worry about not being able to recall where they had hid those £20-notes they were saving for a special night out.

It is a sad day as the pound has been the symbol of the Republic’s prospering economy, a strong currency that held its ground even at the most difficult times. It may have been occasionally propped up by Central Bank intervention, but this was the exception rather than the rule.

Read the rest of the article at Cyprus Mail

Can I still use the Cyprus pound?

admin — Sat, 26 Jan 2008 21:00:20 +0000

If you are going to Cyprus this year and are wondering if you can still use your old Cyprus pounds then hopefully this bit of information will be of help.

From January 1 2008 the Euro became the legal tender on Cyprus at the fixed exchange rate of €1=CY£0.585274.

According to the Sunday Times travel expert you should be able to exchange your old money (up to £1,000 Cyprus Pounds per customer per transaction in notes, and up to £50 in coins) free of charge at any of the Island’s banks. From July 1 an exchange will continue to be possible, but only at the Central Bank of Cyprus in Nicosia, until the end of 2017.

If you are a regular visitor to Cyprus and had got used to the old currency and its value, there will be dual display of prices in Cyprus pounds and Euro’s until September 30th 2008, this is good to see which places are trying to profiteer out of the change of currency.