Cypriot pound

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The Cyprus Pound, also known unofficially as the Cyprus Lira (from Latin libra pronounced in Greek λίρα / plural λίρες and Turkish lira), is the currency used in Cyprus.

Image:10 cy pound front.jpg Image:20 cy pound front.jpg Image:50centfront.jpg The Cyprus pound was introduced in 1879. It was equal in value to the pound sterling until 1960 and was initially divided into 20 shillings (σελίνι / σελίνια, şilin). However, unlike sterling, the shilling was divided into 9 piastres (γρόσι / γρόσια, kuruş), thus establishing a link to the previous currency, the Turkish lira which was divided into 100 kuruş. In 1955, Cyprus decimalized, with 1000 mils (μιλς, mil) to the pound. This was changed to 100 cents (σεντ, sent) to the pound in 1983. Mil-denominated coins are no longer legal tender.

It will be replaced by the euro in the near future, which the Cypriot authorities hope to be as early as 1 January 2008. The currency entered the Exchange Rate Mechanism II on 2 May 2005.

C£1.00 is worth €1.7383 or US$ 2.0986 (on 16 March 2006). It is pegged to the euro at C£0.585274 ±15% per euro.

Coins in current use [1] and colloquial (unοfficial) names in parentheses