Economy, currency and banking in Cyprus

Currency and foreign exchange

Currency:
Since January 2008 the official currency in Cyprus is Euro.
Euro (EUR; symbol €) = 100 cents. Notes are in denominations of €500, 200, 100, 50, 20, 10 and 5. Coins are in denominations of €2 and 1, and 50, 20, 10, 5, 2 and 1 cents.
Credit cards and exchange:
Exchange travellers’ cheques for Euros at banks and hotels. Many banks have ATMs.

Tips/gratuities
It is not ‘normal’ to tip in: hotels, restaurants, bars, theatres or cinemas where service is already included.
It is ‘normal’ to tip the following amounts at the following places:
Taxis – 10%
Tour guides – €1.70
Porters – €1.70 per bag
Hairdressers – €1.70

Economic Factors
Forty-six per cent of the land area is cultivated; the main crops are cereals, potatoes and citrus fruits.
Cyprus has the third-highest standard of living in the Mediterranean. The average income here is twice as high as it is in Greece.
Cyprus has suffered water shortages because of dry winters. As a result, three desalination plants have been constructed off the south coast and a fourth of the east, providing 120,000cu m (26.4 million gallons) of water per day.

Banking System
The banking system in Cyprus closely follows the British pattern and is well developed and organized whilst being equipped with the latest technology in modern surroundings.
 
Non-Cypriot citizens have the privilege to open foreign currency and local deposit accounts very easily.
 
Many Cypriot Banks have branches throughout the world. International Banks also have branches throughout the island for the convenience of their customers, with major credit cards like Visa, Diners, and American Express being widely used.
 
Cypriot Banks offer flexible housing loans in foreign currency to suit a client’s needs.