Timeline

• ??.10.1878
• High Commissioner's resolution on the rating of the circulating coins; effective immediately:
  - British: Sovereign = 120 Silver Piastres = 180 Copper Piastres; Shilling = 6 Silver Piastres = 9 Copper Piastres
  - French: 20 French Francs = 95 Silver Piastres = 142½ Copper Piastres
  - Turkish: Turkish Lira = 108 Silver Piastres = 160 Copper Piastres; 20 Turkish Piastres (Mecidi) = 21 Silver Piastres = 30 Copper Piastres.
• ??.01.1879
• Government resolution on the production of subsidiary coins of 1, ½, ¼ Cyprus Piastre for the replacement of the Turkish copper coins; issuance began in April 1879.
• 31.07.1879
• Government proclamation [No. 32] on the demonetization of the Turkish copper coins and the confirmation of the October 1878 ratings of the British, Turkish and French coinage; effective 01.09.1879
• 03.05.1882
• Proclamation [No. 3] on the demonetization of the Turkish silver coins; effective 17.06.1882

Timeline

• 17.09.1900
• Ordinance [Coinage Order, No 5459] on the introduction of local silver subsidiary coins (of 18, 9, 4½, 3 Piastres); effective 01.01.1901.
  - 09.01.1901: Proclamation [No. 5461] on the demonetization of the Turkish and French gold coins, as well as the British half Sovereign and silver subsidiary coins; effective 30.04.1901.
• 07.09.1914
• Proclamation [No. 12534] on the establishment of the (provisional) Currency Commission and the issuance of government paper money; effective immediately
• 01.11.1928
• Ordinance [Currency Notes Order, No. 60] on the permanent establishment of the Currency Commission and issuance of government paper money; effective 15.02.1930 by Governor's Rules [No. 61] of 16.01.1930.
• 31.03.1949
• Law [Currency, No. 13 (Cap. 69)] on the legal tender; effective immediately
• 22.07.1955
• Law [Currency (Amendment), No. 28] on the decimalization of the sub-unit; effective 01.08.1955.
  - 30.11.1955: Demonetization of the non-decimal subsidiary coins denominated in Piastre.
• 27.06.1963
• Law [Central Bank Act, No. 48] on the establishment of the Central Bank of Cyprus; effective upon constitution of the bank on 01.01.1964
• 27.06.1963
• Start of currency exchange after independence:
  - 27.06.1963: Start of issuance of the new banknotes and coins
  - ??.??.????: Demonetization of the pre-independence paper money (coins remained in circulation).
• 01.10.1983
• Change of sub-unit into Cents, the older coins denominated in Mils were demonetized on 01.03.1984

Valuation Regimes

• 1901-1973
• Fixed rate against British Pound
• 1973-2007
• Variable rate

Timeline

• 10.07.2007
• Resolution of the European Council [No. 2007/503/EG] on the admission of Cyprus to the European Monetary Union; effective 01.01.2008
• 10.07.2007
• Ordinance of the European Council [No. 1135/2007] on the conversion rate between the Euro and the former currency; effective 01.01.2008
• 01.01.2008
• Start of currency exchange:
  - 01.01.2008: Start of issuance of banknotes and coins denominated in Euro at a rate of 1 Euro = 0.585274 Cyprus Pound (not implemented in Northern Cyprus)
  - 31.01.2008: Demonetization of the banknotes and coins in Cyprus Pound.

Timeline

• 05.02.1975
• Agreement between the Autonomous Turkish Cypriot Administration and the Ziraat Bank, Girne (Kyrene) Branch, on the functions as acting central bank for Northern Cyprus; effective immediately (?)
• 16.05.1983
• Government decree [No. 36] on the introduction of the Turkish Lira as sole unit of account, the Cypriot currency remained tolerated (market exchange rate: 1 Cyprus Pound = ~380 Turkish Lira (1926)); effective immediately.
  - 12.03.1991: Law [No. 27] on the abolition of the Cypriot currency and conversions of all legal documents issued before 16.05.1983 at a rate of 1 Cyprus Pound = 36 Turkish Lira (1926), i.e. at about 10% of the May 1983 value; effective immediately.
• 16.05.1983
• Government decree [No. 42?] the establishment of a central bank for Northern Cyprus; effective upon constitution of the bank on 06.06.1984.
  - 16.07.1987: Law [No. 57] on the statutes of the Central Bank of the Turkish Republic of Northern Cyprus; effective 30.07.1987
• 11.11.2004
• Law [No. 39] on the adoption of the Turkish currency redenomination by Northern Cyprus; effective 01.01.2005.
  - The transition period with demonetization of the former Turkish currency ended on 31.12.2005 (like in Türkiye).