It had already been introduced in 1999 as bank money. 2013 - Cyprus negotiates deal to extricate its financial sector from the eurozone debt crisis. The Euro from 2002 to 2017 Below is a chart showing the average euro/US dollar exchange rate for January of each year from 2002 to 2013.

Two of those deadlines are approaching fast. 2004 - Cyprus joins the EU, but does so as a divided island. The euro is the most tangible proof of European integration: around 341 million people use it every day, making it the second most-used currency worldwide.

Local currency (Euro - EUR) and foreign currencies: no restrictions if arriving from or traveling to another EU Member State . Before that, it's currency was the Cyprus Pound and the Cyprus Cent.
Denmark has ‘opt-out’ clauses in the Treaty exempting him from participation, while the remainder (several of the more recently acceded EU members plus Sweden) have yet to meet the conditions for adopting the single currency. Euros are divided into euro cents, each euro cent is one one-hundredth of a euro.

There are seven denominations in Euro banknotes: 5, 10, 20, 50, 100, 200 and 500. They are all distinguished by a different colour and size, with the higher the denomination, the bigger …   Each bill and coin is a different size. Cyprus is now in the Euro zone, and uses the Euro which it adopted in about 2007.

The euro is the currency of 19 EU Member States. Now however it uses the euro, which is split into 100 cents. Since January 1, 2002 the Euro has been the official currency in 12 EU member states.  We continue to exchange pre-Euro Cypriot Pound banknotes free of charge. They became obsolete in 2008 when they were replaced by the Euro. Cyprus has 5 representatives on the European Economic and Social Committee. The euro (currency code: EUR) is the official currency of the European Union, and the EMU is the process by which EU member states replace their national currency with the euro and transfer management of monetary policy to the European Central Bank. The drachma was introduced in 1832, replacing the short-lived currency called the phoenix, which was introduced after the 1828 independence of Greece from the Ottoman Empire.

It should be mentioned, that while countries such as Austria and Belgium joined the eurozone digitally in 1999, euro banknotes and coins didn’t enter circulation until 1 January 2002. Cyprus is an island country in the eastern Mediterranean, south of Turkey and north of Egypt. banker's draft and cheques of any kind) must be declared. There are seven denominations: €5, €10, €20, €50, €100, €200, and €500. Member countries using the euro Currency On January 01, 2008, the Republic of Cyprus introduced the Euro (€) as its official currency, replacing the Cyprus pound (CY£) as the legal tender of Cyprus, at the irrevocable fixed exchange rate of €1 = CY£ 0,585274. The record high for the euro against the dollar was $1.6040 on July 15, 2008. Some countries have set a time limit for the exchange of their pre-Euro money. Below, you’ll find a table of the countries in the eurozone, including the name of the country’s currency before it adopted the euro and the date that each country joined the eurozone. If arriving directly from or traveling to a country outside the EU: amounts exceeding EUR 10,000.- or more or the equivalent in another currency (incl.
The two Commonwealth countries in the Eurozone, Cyprus and Malta, have set the deadline for the exchange of their national currency on respectively 31 December 2017 and 31 January 2018.


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