Cyprus goes Euro

Cyprus will officially adopt the euro on January 1, 2008 but what does that mean?

For a period of one month, known as the “parallel circulation period”, both the euro and Cyprus banknotes and coins will be accepted as legal tender for cash transactions. However, salaries will be paid in euros, prices will be posted in euros and any bank or ATM with drawls will be in euros only. In fact, if you use Cyprus currency to pay for an item, you’ll receive euros in change.

After January 31, Cyprus currency will no longer be accepted, but it can still be exchanged free of charge for a period of two years for coins and up to ten years for banknotes.

For more information, see the Central Bank of Cyprus’s National Website for the Euro.