Author Topic: Get Your Cypriot Pound Banknotes Exchanged before December 31!  (Read 153 times)

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Offline Bimat

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Get Your Cypriot Pound Banknotes Exchanged before December 31!
« on: December 29, 2017, 08:07:41 AM »
Last chance to change Cyprus pounds

FAMAGUSTA GAZETTE CYPRUS•Friday, 29 December, 2017

THE period of exchange of Cyprus pound banknotes with euros will expire on December 31st.

The banknotes can only be exchanged at the Central Bank of Cyprus.

Banknotes presented in person at the bank are exchanged, after being duly checked.

It is estimated that there are still 67-million euros worth Cyprus pounds left unchanged.

The Cyprus pound ceased to be the official currency of the Republic of Cyprus with its entry into the euro area on 1 January 2008.

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« Last Edit: December 29, 2017, 01:46:33 PM by Bimat »
Caution. The low-hanging fruits are still there maybe for a reason.

Offline Bimat

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Get Your Cypriot Pound Coins and Banknotes Exchanged before December 31!
« Reply #1 on: December 29, 2017, 08:08:44 AM »
The article only says banknotes, not coins. So the pound coins can't be exchanged? ???

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.

Offline chrisild

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Re: Get Your Cypriot Pound Coins and Banknotes Exchanged before December 31!
« Reply #2 on: December 29, 2017, 11:19:04 AM »
The Cyprus pound coins were redeemable until the end of 2009.

Basically the same thing in Malta by the way: The lira coins could be redeemed until Feb-2010; the notes you can exchange until the end of next month (31 January 2018).

Christian

Offline Bimat

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Get Your Cypriot Pound Banknotes Exchanged before December 31!
« Reply #3 on: December 29, 2017, 01:47:35 PM »
Thanks! I changed the topic subject accordingly. :)

Aditya
Caution. The low-hanging fruits are still there maybe for a reason.

Offline Bimat

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Get Your Cypriot Pound Banknotes Exchanged before December 31!
« Reply #4 on: December 31, 2017, 12:56:42 PM »
Cypriots make cash gift to gov't as they fail to exchange Cyprus pounds: official

FAMAGUSTA GAZETTE CYPRUS•Sunday, 31 December, 2017

Cypriots will make a cash gift of millions to their government on Monday, New Year's Day, by having failed to exchange their old Cyprus pound banknotes with euros, the current legal tender for payments, a Central Bank of Cyprus (CBC) official said Saturday.

CBC spokeswoman Aliki Stylianou told the state television that CBC statistics show that people have in their possession old Cyprus pound banknotes, which are no longer legal tender, worth 67 million euros.

"Those who hold pound banknotes could physically take them at the Central bank and exchange them by the end of December at the official rate of the euro when it became the official currency," she said.

Pound holders exchanged old banknotes worth about 100,000 euros during recent days, according to the central bank.

But as Saturday and Sunday, the two last days of 2017, are not working days for the bank and the government, pound holders have lost their chance to exchange them.

That means the government stands to benefit by the amount of the missing banknotes.

"CBC will credit the government's account by about 67 million euros after the holders of pounds failed to claim their money in time," Stylianou said.

The euro was introduced as the official currency of Cyprus in 2008, four years after the eastern Mediterranean island joined the European Union.

The pound rate was fixed at 1.71 euros at the time of its introduction.

Stylianou said that there is no explanation why so much money was not exchanged.

It is believed that each of about 200,000 Cypriot households may have kept a number of banknotes as mementos of the old currency, which was in force for about 100 years. But this does not explain why 67 million euros in pound notes are unaccounted for.

Source
Caution. The low-hanging fruits are still there maybe for a reason.