CYPRIOT POUND Meaning and
Definition
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The Cypriot Pound was the official currency of Cyprus from 1879 until 2008, when it was replaced by the Euro. It was abbreviated as C£ or ₤ and had the international currency code of CYP. The Cypriot Pound was subdivided into 100 cents and was issued by the Central Bank of Cyprus.
The Cypriot Pound was introduced during British colonial rule to facilitate trade and economic activities within Cyprus. It remained in circulation even after the country gained independence in 1960 and became the sole legal tender.
The Cypriot Pound featured various denominations banknotes and coins, including 1, 5, 10, and 20-pound banknotes, and coins ranging from 1 cent to 1 pound. The design and appearance of these monetary units changed over time, reflecting different historical and cultural elements of Cyprus.
The exchange rate of the Cypriot Pound was fixed to the British Pound Sterling until 1972, when it was pegged to a basket of currencies. This helped to maintain a stable exchange rate for the Cypriot Pound.
With Cyprus joining the European Union in 2004, preparations for adopting the Euro as the official currency began, and on January 1, 2008, the Cypriot Pound was phased out and replaced by the Euro at a conversion rate of 1 Euro for 0.5842 Cypriot Pounds.
As a result, the Cypriot Pound is now considered an obsolete currency, with only limited use for historical and collectible purposes.
Common Misspellings for CYPRIOT POUND
- xypriot pound
- vypriot pound
- fypriot pound
- dypriot pound
- ctpriot pound
- cgpriot pound
- chpriot pound
- cupriot pound
- c7priot pound
- c6priot pound
- cyoriot pound
- cylriot pound
- cy-riot pound
- cy0riot pound
- cypeiot pound
- cypdiot pound
- cypfiot pound
- cyptiot pound
- cyp5iot pound
Etymology of CYPRIOT POUND
The term "Cypriot Pound" refers to the former currency of Cyprus, which was in circulation from 1879 to 2008.
The etymology of the word "Cypriot" can be traced back to the Latin word "Cyprius" which means "of Cyprus". The Latin term is derived from the Greek word "Kypros", which refers to the island of Cyprus in the eastern Mediterranean Sea.
The Pound, in this context, refers to the unit of currency used in Cyprus. The word "pound" has Anglo-Saxon origins and originally meant "weight". It was the basic unit of weight in the British Isles, and later became associated with their currency. When Cyprus was under British administration, the British Pound was introduced as the official currency.
Similar spelling words for CYPRIOT POUND
- BOND SPREAD,
- support band,
- point spread,
- bind spirit,
- spirit band.
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