By Stelios Orphanides
The Central Bank of Cyprus said that it will cease exchanging Cyprus pounds notes with euros on December 31, 2017.
The central bank’s spokesperson encouraged the public to exchange any pound notes still in circulation ahead of the deadline, which is ten years on the day Cyprus joined the euro area together with Malta, according to an emailed statement by the central bank’s spokesperson.
“It is important to say that the exchange can be carried out free of charge at the central bank only,” the spokesperson said, adding that in case the bank notes are sent by mail, the owner’s account will be charged directly with transfer fees.
The conversion rate of the pound to euro was €1.7086.