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    Currency in Cyprus – Euro EUR

    A practical foreign exchange and currency guide on sending money and travel to Cyprus

     

     

    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.

    Sending Money to Cyprus

    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.

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    What are the limits on Sending Money to and from Cyprus?

    There is an overseas transfer limit of 1 million Euros when transfering money out of Cyprus.

    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.

     

     

     

    Euro – Markets & Rates

    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.

     

    1 EUR = 1.1314 USD
    Sell EUR  →  Buy USD
    EUR to USD at 1.1310 has fallen 2.2% below its 90-day average, range 1.1200-1.1883.
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      1 USD = 0.8839 EUR
     
    1-DAY+0.6%2d
    14-DAYHIGH3d

    Euro Forecast and Trend

    In September, Olaf Scholz’s Social Democrat Party narrowly won the German election. The longer negotiations and political uncertainty drag on, the greater downward pressure will be felt by the euro.

    In addition should risk sentiment remain fragile, there could be continued demand for USD as a safe haven. Therefore, USD/EUR could gain higher.

    USD-EUR Outlook

    Historic EUR-USD Rates

    EUR/USD wasChangePeriod
    1.1287
    19 Nov 2021
    0.2% 2 Weeks
    1.1884
    04 Sep 2021
    4.8% 90 Days
    1.2145
    03 Dec 2020
    6.9% 1 Year
    1.0545
    04 Dec 2016
    7.3% 5 Years
    1.3399
    06 Dec 2011
    15.6% 10 Years
    0.8900
    08 Dec 2001
    27.1% 20 Years
    EUR/USD change over periods to 03-Dec-2021

     

    EUR is also used in 32 other countries

     

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