Money and Currency

Currency
The currency of the Republic is currently the Euro – EUR €. The Cyprus pound was replaced by the euro as official currency of the Republic of Cyprus on 1 January 2008.

The euro is divided into 100 cents. The coins are issued in €2, €1, 50-cent, 20-cent, 10-cent, 5-cent, 2-cent, and 1-cent denominations. Notes currently in circulation are €500, €200, €100, €50, €20, €10, €5.

Currency Exchange
All banks operating in Cyprus offer foreign currency exchange services and quote the exchange rates of the Euro against all major foreign currencies daily. Foreign currency can also be exchanged at hotels. More detailed information concerning exchange rates can be obtained from the Central Bank of Cyprus.

Forms of Payment
Hotels, large shops and restaurants accept credit cards, travellers’ cheques, Eurocheques and banknotes of major foreign currencies.

V.A.T. Refund
Foreign visitors from countries outside the EU can claim back V.A.T. on goods exported in their hand luggage.
More detailed information can be obtained from the V.A.T. Service of the Customs and Excise Department

Holiday Budget
The price of products and services in Cyprus varies depending on the season and the location. Below is an indicative list in Euros:
- A single bus ticket costs around € 1.
- A glass of beer costs between € 3.50 and € 5.
- A ticket to the cinema costs around € 7 for adults € 7 and €5 for children.
- A ticket to the theatre costs between € 17 and € 25.
- A ticket to a concert or opera can cost between € 25 and €77.
- Continental breakfast costs between € 3.40 and € 6.
- Lunch -a fixed menu costs between € 10 and € 13.50.
- Dinner at a local tavern (meze, including beer or cold drink) costs around € 20.