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Greek controlled area - Cyprus pound
Important update: As of January 1st 2008, Greek-controlled Cyprus has adopted the Euro.
Currency regime until 31/12/2007
The Cypriot pound joined the ERM2 exchange rate mechanism at the beginning of May 2005, one year after joining the EU. The pounds central rate against the Euro has been set at 0.585274. In theory, the pound can trade within a range of 15% either side of the Central parity rate against the Euro, although the actual ranges is likely to be much narrower than this. The pound will have to stay within this band for at least two years before entry into European Monetary Union can be considered.
Commercial rates.
As at October 8th 2007, the Cypriot pound was trading at 0.584 against the Euro and 0.413 against the dollar.
Tourist rates
As at October 8th 2007, the tourist rate was around 0.797 against Sterling. For 1 GB pound you would, therefore, get 0.797 Cyprus pounds.
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If you are considering taking travellers cheques to Cyprus, it is best to take Sterling travellers cheques.
Regulations
Visitors may import any amount of Cypriot or foreign bank notes.
Turkish controlled area - Turkish Lira
Currency regime
The Turkish lira floats against the major global currencies.
Commercial rates.
As at May 23rd 2007, the lira was trading at around 1.325 against the US currency and 1.78 against the Euro.
Tourist rates
As at May 23rd 2007, the lira was trading at around 2.52 against Sterling. For 1 GB pound you will, therefore, receive 2.52 lira.
Important History. The Turkish authorities redenominated the lira early in 2005. Before then the lira traded at around 1,350,000 against the US currency. Following the change the new rate was 1.35 with the currency redenominated by taking six zeros off the old rate. During 2005, both the old and new prices should be displayed at shops. Both the old and new currencies will also be accepted during 2005.
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