Cypriot pound

The pound, or lira (λίρα, plural λίρες, and lira, لیره, from the Latin libra via the Italian lira; sign: £, sometimes £C for distinction), was the currency of Cyprus, including the Sovereign Base Areas in Akrotiri and Dhekelia, from 1879 to 2007, when the Republic of Cyprus adopted the euro. However, the self-proclaimed Turkish Republic of Northern Cyprus uses the Turkish lira as its official currency. The Cypriot pound was introduced in 1879 and was equal in value to one pound sterling. It remained at that value until 1972, some twelve years after Cyprus gained independence from the United Kingdom. The Cypriot pound was replaced by the euro as official currency of the Republic of Cyprus on 1 January 2008 at the irrevocable fixed exchange rate of £C 0.585274 = €1.00. The British introduced the Cypriot pound in 1879. It had the same value as the pound sterling, and replaced Turkish currency at a rate of £C 1 to 180 piastres. The Cypriot pound was initially divided into 20 shillings (σελίνι / σελίνια, şilin, شلن), in common with sterling. However, unlike the British shilling, the Cypriot shilling was divided into 9 piastres (γρόσι / γρόσια, kuruş, قروش, abbreviated cp. or p.), thus establishing a nomenclature link to earlier Ottoman currency. The piastre was itself divided into 40 para (like the kuruş). The para denomination did not appear on any coins or banknotes but was used on postage stamps. However, the -piastre coin was equal to 10 para (παράδες) and called δεκάρα in Greek and the -piastre coin was equal to 20 para and called εικοσάρα. The Cypriot pound remained equal in value to sterling until 1972, some twelve years after Cyprus gained independence from the United Kingdom. The introduction of the Cypriot pound was controversial from its inception in 1879 as the island was technically a province of the Ottoman Empire and the right to issue currency within the Ottoman Empire rested solely with the Ottoman Sultan.