Currency
The currency of the Republic is currently the Cyprus pound - CY£. As from 1st January 2008 the Cyprus pound will be replaced by the Euro as the legal tender money of Cyprus at the irrevocable fixed exchange rate € 1 = CY£ 0,585274.

The Cyprus pound - CY£ is divided into 100 cents. Notes currently in circulation are the CY£ 20, CY£ 10, CY£ 5 and CY£ 1. Coins in circulation are 1 cent, 2 cents, 5 cents, 10 cents, 20 cents and 50 cents.

More details can be obtained at the Euro website for Cyprus

Currency Exchange
All banks operating in Cyprus offer foreign currency exchange services and quote the exchange rates of the Cyprus Pound 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 . You can also use the currency converter .

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. Visitors are eligible for a V.A.T. refund if:

- They are not holders of a passport or other form of identification from an EU Member State.

- They have not resided in Cyprus for more than 365 days in the two years immediately prior to the date of purchase of the goods,

- The total purchased from one store or a chain or stores is more than C£ 100 and below C£ 10 000,

- The goods are exported in visitors' hand luggage by the last day of the third month following the month in which the goods were purchased.

In order to claim your V.A.T. refund you will have to:
- Make your purchases from shops that display a tax-free shopping sign and simply ask for your tax-free document.

- When leaving Cyprus show your purchases and passport to customs officials and have your tax-free document stamped.

- Receive your refund in the method of your choice.

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 Cyprus pounds, with the Euro equivalent in brackets:

- A single bus ticket costs around C£ 0.65 (€ 1).

- A glass of beer costs between C£ 2 and C£ 3 (€ 3.50 and € 5)

- A ticket to the cinema costs around C£ 4 for adults (€ 7) and C£ 3 for children (€5).

- A ticket to the theatre costs between C£ 10 and C£ 15 (€ 17 and € 25)

- A ticket to a concert or opera can cost between C£ 15 and C£ 45 (€ 25 and €77)

- Continental breakfast costs between C£ 2 and C£ 3.50 (€ 3.40 and € 6).

- Lunch – a fixed menu costs between C£ 6 and C£ 8 (€ 10 and € 13.50)

- Dinner at a local tavern (meze, including beer or cold drink) costs around C£ 12 (€ 20).

Tipping
Since a 10% service charge is levied in hotels and restaurants, tipping is not obligatory but is always welcome and appreciated.