As of 1 January 2008 the Euro (€) is the official currency of Cyprus, replacing the Cyprus pound as the legal tender money of Cyprus at the irrevocable fixed exchange rate €1=CY£ 0,585274. Dual display (in pounds and Euro) of the prices of goods and services provided to consumers is compulsory from 1 September 2007 until 30 September 2008.

From 1 February 2008 cash in Cyprus pounds ceased to be legal tender and is not accepted for payments. All payments are carried out in Euro.