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Understanding currency in Cyprus

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Cyprus

When planning a trip to Cyprus, one crucial consideration is understanding the local currency. This guide provides an in-depth look at the currency in Cyprus, including its name, where to buy it, and tips for exchanging currency. Whether visiting the Greek Cypriot south or the Turkish Cypriot north, this article covers you.

Cyprus currency

Cyprus, a beautiful island nation in the Mediterranean, has a unique geographical and economic position. As part of the European Union, the currency used in southern Cyprus is the euro (EUR). This section of the island adheres to the EU’s economic policies and regulations, including the use of the common currency.

What is the currency in Cyprus?

The currency in Cyprus, specifically in the Republic of Cyprus (the southern part of the island), is the euro. The name of the Cyprus currency, the euro, signifies its integration and economic alignment with the European Union. The euro is one of the most traded currencies in the world, known for its stability and wide acceptance.

Where to buy euros

Where to buy euros

Numerous options are available for those wondering where to buy euros in Cyprus. Banks, currency exchange offices, and ATMs are accessible across the island. It’s advisable to compare rates and fees as they can vary between locations. ATMs generally offer competitive exchange rates and are convenient for withdrawing euros directly using an international debit or credit card.

What is the currency in Northern Cyprus?

In contrast, the currency used in Northern Cyprus is the Turkish lira (TRY). With its separate administration, Northern Cyprus aligns its economy closely with Turkey, hence the use of the Turkish lira. This distinction is crucial for travelers crossing between the south and north of the island, as it necessitates currency exchange.

Where to buy Turkish lira

Where to buy Turkish lira

Like buying euros in the south, Turkish lira can be obtained at banks, exchange offices, and ATMs throughout Northern Cyprus. While ATMs provide the convenience of withdrawing cash using international cards, exploring local currency exchange offices might yield more favorable exchange rates.

Tips for exchanging currency in Cyprus

Exchanging currency in Cyprus is straightforward, but a few tips can help you get the best deal. First, comparing exchange rates and fees at various banks and exchange offices is wise. Avoid exchanging currency at airports or hotels, as these locations often have higher costs and less favorable rates. Keeping an eye on the current exchange rates can also guide you on the best time to exchange money. Furthermore, informing your bank of your travel plans can prevent issues with card transactions abroad.

What was the former currency of Cyprus?

Before adopting the euro in 2008, the Cyprus pound (CYP) was the official currency in Cyprus. The transition to the euro was a significant milestone for Cyprus, marking its deeper integration into the European economic and monetary system. The Cyprus pound is now a part of history but remains a symbol of the island’s rich cultural and economic heritage.

In conclusion, understanding the currency in Cyprus, including what currency does Cyprus use and the Cyprus currency name, is essential for anyone planning to visit this beautiful island. Whether you’re spending euros in the south or Turkish Lira in the north, knowing where to buy the currency and tips for exchanging it can enhance your travel experience. Remembering the former currency of Cyprus, the Cyprus pound adds an interesting historical perspective to your journey.

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    Marina Filichkina
    Marina Filichkina
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