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Qustion from an ignoramus

Benefits and problems from the EU membership.

Qustion from an ignoramus

Postby Xybadog » Sun May 11, 2008 8:39 pm

Apologies in advance for my ignorance, but am I correct in thinking that the Euro replaced the £CYP outright on Jan 1 2008, or is the £CYP still being used?
I ask as I seem to recall my friend in Agia Thekla told me when I was there last year that this was the case. I may be wrong (a few too many Keo's :roll: )
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Postby Jerry » Sun May 11, 2008 8:42 pm

Yes to the first question
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Postby Xybadog » Sun May 11, 2008 8:45 pm

Jerry wrote:Yes to the first question


Thanks Jerry.
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Postby Oracle » Sun May 11, 2008 8:46 pm

Infuriatingly, there are still too many people quoting you in Cypriot pounds, then when you come to pay ... you find it's nearly double :roll: ....

The worst thing is they think they are doing you a favour ...

..... they mean well.
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Postby Xybadog » Sun May 11, 2008 9:46 pm

Oracle wrote:Infuriatingly, there are still too many people quoting you in Cypriot pounds, then when you come to pay ... you find it's nearly double :roll: ....

The worst thing is they think they are doing you a favour ...

..... they mean well.


S'pose it'll take a good while to adjust properly. Guess I'll have to go exchange my £CYP into Euros dmn quick. I've still got about £GBP100 in Drachma holed away somewhere :? Lost out there haven't I! :(
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Postby Tim Drayton » Tue May 13, 2008 3:21 pm

There was actually a transitional period for the whole of January 2008 when you could pay in either currency, but only receive euros in your change.
There is another period - until the end of 2008 I think - in which you can no longer spend Cyprus pounds but you can still change Cyprus pounds into euros at banks. You have not lost out yet.
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Postby webbo » Mon Jun 02, 2008 11:32 pm

Oracle wrote:Infuriatingly, there are still too many people quoting you in Cypriot pounds, then when you come to pay ... you find it's nearly double :roll: ....

The worst thing is they think they are doing you a favour ...

..... they mean well.



Alas technically breaking the law; I believe they should charge in Euro whilst still using 'dual pricing system' which should also be on display!

I feel as though I am spending way too much with the Euro :twisted:

Bubbles 8)
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Postby webbo » Mon Jun 02, 2008 11:36 pm

Tim Drayton wrote:There was actually a transitional period for the whole of January 2008 when you could pay in either currency, but only receive euros in your change.
There is another period - until the end of 2008 I think - in which you can no longer spend Cyprus pounds but you can still change Cyprus pounds into euros at banks. You have not lost out yet.



Can anyone confirm this and it is only for notes as I found some coins in the bottom of a handbag the other day. I do not fancy going to the bank to be told they are no longer exchangeable :oops:
Thanks


Bubbles x 8)
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Postby JimB » Tue Jun 03, 2008 12:01 am

Think your alright. See below.



10
4.2 EXCHANGE OF CYPRUS POUNDS AFTER THE ADOPTION OF THE
EURO
Banks and co-operative credit societies will, without direct or indirect charges and for a
period of six months from the date of the adoption of the euro,
ÿ accept Cyprus pound banknotes and coins for deposit, without quantitative
restrictions
ÿ exchange Cyprus pounds banknotes and coins into euro banknotes and coins,
without direct or indirect charges for the amounts up to
(a) one thousand pounds (CYP1.000,00), per customer, per transaction, in the
case of banknotes and
(b) fifty pounds (CYP50,00), per customer, per transaction, in the case of coins
Banks and co-operative credit societies may decide to exchange larger amounts of Cyprus
pound banknotes and coins into euro per customer per transaction without charges.

The CBC shall exchange Cyprus pound banknotes and coins into euro without any
charges
(a) for a period of ten (10) years from the date of the adoption of the euro, in the
case of banknotes and
(ß) for a period of two (2) years from the date of the adoption of the euro, in the
case of coins.

http://www.centralbank.gov.cy/nqcontent.cfm?a_id=4764 :wink:
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Postby webbo » Tue Jun 03, 2008 8:41 am

Thank you very much JimB.

That is what I love about this Forum; someone is always ready to help. :)


bubbles x 8)
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