The Cyprus Currency is the Euro
On 1st January 2008 the Cyprus currency changed from the Cyprus Pound (CYP) to the Euro.
The day this happened in Cyprus is called E-day (Σ) and from this date onwards, withdrawals from bank accounts have only been in the euro.
The Cyprus Currency Today!
At the moment the economy is not so good in many countried.
For the past few years countries such as Greece, Portugal, Spain and many more are suffering extreme hardship.
The Cypriot economy was doing well for a long time.
However, in March 2013 the country endured a bailout.
Financial restrictions were imposed by the government.
In March 2013 the Cyprus government restructured its biggest banks to prevent the island’s economic collapse.
On 25 March 2013, a €10 billion bailout was announced. In return Cyprus had to agree to close the Laiki Bank (Cyprus Popular Bank) which is the second largest bank on the island.
This resulted in losses of up to 40pc on large depositors and guaranteed all deposits up to €100,000. Many people lost their savings and as quoted in the New York Times on 9 July 2013
‘Tangled in restrictions imposed in March as part of a bailout for the country’s ailing banks, a euro in Cyprus is no longer the same as one in France, Germany or Greece.
“A Cyprus euro is a second-class euro,” said Mr. Loucaides, the managing director of the Cyprus Trading Corporation”.
Cypriots used to enjoy one of the highest standards of living in the EU, and unemployment was low.
However, since the economic crisis things are not so good and unemployment is now very high.
The legal system is based on the British legal system which Cyprus inherited from the UK as a result of British Colonial rule.