Home Country guides Currency in Cyprus – Euro EUR

Currency in Cyprus – Euro EUR

A practical foreign exchange and currency guide to Cyprus

What’s in this Cyprus currency guide:

Currency used in Cyprus
Euro (EUR) Facts
What the euro looks like
EUR Latest Rate & Trend
Euro Chart
Euro Outlook
Compare EUR Exchange Rates
Travelling in Cyprus
Sending Money to Cyprus

What currency is used in Cyprus?

The official currency of Cyprus is the euro, with symbol € and currency code EUR.

Things to know about the euro

The euro (ISO: EUR) is involved in slightly more than 30% of all foreign exchange deals, and as such, is the world’s second most traded currency, behind the US dollar.

The euro is the currency of the eurozone (officially called the ‘euro area’), which consists of 19 of the 28 member states of the European Union, and is used by almost 350 million Europeans. It was introduced in January 1999.

Of all the thousands of exchange rates that exist in the world, the euro-to-US dollar exchange rate is the most actively traded, or most ‘liquid’.

Since its introduction, the euro’s lowest value against the dollar came in October 2000 when EUR/USD hit lows of 0.8231. The currency was strongest in July 2008, shortly before the worst stage of the 2007-2009 financial crisis, when EUR/USD reached 1.6038.

There are currently more than twenty nations and territories which peg their currencies to the euro, the largest of which is Denmark.

What the euro looks like?

Euro – Markets & Rates

1 EUR = 1.0562 USD

Sell EUR → Buy USD

EUR to USD at 1.0558 is 2.8% below its 90-day average 1.0864 with range 1.0381-1.1325.

20-MAY 10AM-NY 3PM-LON 10PM-HK 21-MAY 12AM-SYD

1 USD = 0.9468 EUR

4-DAY▲+1.5%

14-DAY▲HIGH

Euro - Trend & Outlook

As the tragic Ukraine war continues USD/EUR is near 0.95, a 5 year high.

Due to the Eurozone’s reliance on gas from Russia, the euro is very vulnerable to the events in Ukraine with EUR/USD dropping to around 1.06 by the end of April whereas it had been approaching 1.15 in early February.

USD-EUR Forecasts

At the start of the tragic Russian invasion of Ukraine the euro sank to parity against the safe-haven Swiss franc hitting 0.9985 francs per euro on March 7th, the lowest since January 2015.

By the end of April the euro fell to a 5-Year low around 1.05 against the US dollar and the short term news for the single currency is all negative. Global bans against Russian oil and gas and uncertainty over ECB interest rate plans have prompted predictions in the currency markets for parity for the euro against the greenback this year.

EUR Outlook

Date	EUR/USD	Change	Period
05 May 2022	1.0540	0.4% ▲	2 Week
18 Feb 2022	1.1322	6.5% ▼	3 Month
19 May 2021	1.2171	13% ▼	1 Year
20 May 2017	1.1208	5.5% ▼	5 Year
21 May 2012	1.2788	17.2% ▼	10 Year
24 May 2002	0.9210	14.9% ▲	20 Year

EUR/USD change over periods to 19-May-2022

Compare Euro Exchange Rates & Fees

The below comparison table makes it easy to find the best exchange rates and lowest fees when you want to make a Transfer or Spend Euro.

Loading rates...

Provider	Amounts	Rate	Cost

Travelling to Cyprus

In ancient mythology, Cyprus is the legendary birthplace of the Greek goddess of love, Aphrodite. In contrast, this third largest island in the mediterranean, has in modern times been dominated by antagonism between the Greek and Turkish Cypriots. Since 1974, when Turkey invaded the north of the island, Cyprus has been divided into Greek Cypriot occupation (southern two-thirds) and Turkish Cypriot occupation (northern third). UN troops patrol the “Green Line” dividing that divides the country. Any entry into the territory of the Republic of Cyprus via any other port or airport in the Turkish-occupied areas of Cyprus is illegal, and travellers doing so may face legal consequences. Therefore you are urged to travel via the recognised ports of entry (Larnaca and Paphos International Airports / seaports of Lemesos (Limassol), Larnaca (Larnaca), Paphos (Paphos) and Latsi.

Politics aside, as a travel destination, Cyprus has a multitude of wondrous sights and sounds to experience. From ancient ruins, beautiful beaches, nature watching for green turtles, scuba diving, and picturesque ports housing food and cafe culture.

Cyprus is an EU member state, and since 2008 the Euro has been the official currency. All banks plus many hotels in Cyprus offer currency exchange services. Major credit cards are widely accepted but always carry some cash for smaller restaurants, cafes, and shops.

There are no restrictions on the import and export of cash or gold if travelling from within the EU. However, transporting of 10,000Euro or more (or the equivalent in another currency) must be declared at customs.