Central Bank of Cyprus
The country’s main bank; Cyprus has been in the eurozone since 2008
The story
The Central Bank of Cyprus is the country’s main bank. It was set up in 1963, soon after independence, by a special law and articles of the constitution. In its early years it kept the government’s accounts, held the foreign currency reserves and ran exchange control, which means it limited dealings in foreign currency. On 1 January 2008 Cyprus switched from the Cyprus pound to the euro, and the bank joined the Eurosystem. That is the name for the European Central Bank together with the central banks of the eurozone countries. Since then it has carried out their shared monetary policy, and its main goal is stable prices. Together with the European Central Bank it also supervises banks and watches over the stability of the financial system.
Cyprus switched from the Cyprus pound to the euro on 1 January 2008; in a July 2026 question this was the true statement. Don’t confuse it with the year Cyprus joined the EU, 2004.
Visiting
This is a working institution, so you can see it from outside. Address: 80 Kennedy Avenue, Nicosia.
On the way
Sources
- Central Bank of Cyprus — General information on the Central Bank of Cyprus
- European Central Bank — The euro: euro area countries and years of adoption
- European Central Bank — ECB, ESCB and the Eurosystem
- Cyprus Mail — Trying to trick people with cheap gotchas: the Cyprus citizenship exam (19.07.2026)
This text was written by AI from open sources. An expert will still check it. Found a mistake? Write to us. Support
