Banking System and Information

Currency - Exchange Rates

The currency of the Republic is the Cyprus pound -CY£, which is divided into 100 cents.
The notes and coins currently in circulation are as follows:
Banknotes: CY£20, CY£10, CY£5, CY£1.
Coins: 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents.
Commercial Banks quote daily the exchange rates of the Cyprus Pound against all major foreign currencies.

The Indicative exchange rates (selling by banks) as at 1 March 2005 were as follows:
Sterling £1=CY£0.85, US dollar $1=CY£0.44, Euro 1=CY£0.58, CY£1=JPY235 (Japanese yen).

Import / Export of Bank notes, currency and / or Gold

There are no foreign exchange control restrictions regarding the Cyprus pound. However, the import/export of banknotes, currency and/or gold is subject to the Capital Movement Law. Upon entering or leaving Cyprus, travellers must declare currency/banknotes and/or gold whose value is equal to, or in excess of CY£7300, or €12500, or the equivalent in any other currency.

Credit Institutions and their supervised subsidiary companies are allowed to deal in foreign currency.

Note: Only the following authorized dealers reporting to the Central Bank of Cyprus are allowed to deal in foreign currency: Bank of Cyprus Ltd., Co operative Central Bank Ltd., The Cyprus Popular Bank Ltd., Hellenic Bank Ltd., the National Bank of Greece (Cyprus ) Ltd., Arab Bank Plc, Commercial Bank of Greece (Cyprus) Ltd, Alpha Bank Limited, Universal Savings Bank Ltd and Sociétè Général Cyprus Ltd.

Banking

Commercial banks in Cyprus offer a wide range of banking services in Cyprus pounds, as well as in foreign currencies, and have correspondents in most major cities around the world. They are also full members of the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Commercial banking is based on UK banking law and practice and commercial banks are supervised by the Central Bank of Cyprus.

In addition to supervising commercial banks, the Central Bank has the following duties and responsibilities:

1. It formulates and implements monetary policy
2. It implements exchange rate policy in consultation with the Council of Ministers.
3. It manages and administers the international reserves of the Republic
4. It promotes the smooth operation of payments and settlement systems
5. It acts as a banker and financial agent of the Government

Banking hours for the public

September
Monday-Friday 08:15 - 13:00
Monday 15:15 - 16:45

October to April
Monday-Friday 08:30 - 13:00
Monday 15:15 - 16:45

May to August
Monday-Friday 08:15 - 13:00

Banks are closed at weekends and on public holidays and Easter Tuesday. Christmas Eve is a working day for banks.

Banks at Larnaka and Pafos International Airports provide exchange bureaux services on a 24-hour basis. Similar facilities are also available at Lemesos harbour.

There are many Automated Teller Machines (ATMs) outside most branches of banks in all towns and in the main tourist resorts of Agia Napa and Paralimni.

Hotels, large shops and restaurants normally accept credit cards and traveller's cheques. Banknotes of major foreign currencies are also acceptable. Rates of exchange are published daily in the local press and are broadcast through the media.

Further information of Cyprus's banking system is available at the Central Bank's website http://www.centralbank.gov.cy/ or the website of commercial banks.

Credit Cards

Visitors in possession of any of the following international credit cards may contact the appropriate bank for the withdrawal of cash.
VISA CARD: Bank of Cyprus Ltd., Cyprus Popular Bank Ltd., Hellenic Bank, Alpha Bank Limited, National Bank of Greece, Arab Bank, Commercial Bank and Co-Op branches.
DINERS CLUB, CARTE BLANCHE: Bank of Cyprus Ltd.
MASTERCARD: Bank of Cyprus Ltd., Cyprus Popular Bank Ltd., National Bank of Greece, Hellenic Bank, Alpha Bank and Co-Op branches.
AMERICAN EXPRESS: Cyprus Popular Bank Ltd.

More than 15.000 shops, restaurants and hotels accept at least one of the above Credit Cards. Establishments with P.O.S. accept also VISA ELECTRON and MAESTRO. Usually the Card symbol is displayed in the shop window or at the reception.
Euro cheques and traveller's cheques are also accepted by all banks, shops, restaurants etc.

Lost Credit Cards

In case someone loses his credit card, he can call JCC Payment Systems Ltd.,
on +357 22 86 81 00 and at the same time contact his bank either in Cyprus or in his country.

For further information please apply directly to:

JCC Payment Systems Ltd.,
Stasikratous 16, P.O.Box 21043, CY 1500 Lefkosia
Tel : +357 22 86 81 00 (24 hours service)
Fax: +357 22 86 85 91, 22 86 81 11