cypriot monetary unit
Definition
- Noun:
- The basic monetary unit of Cyprus: The "Cypriot monetary unit" refers to the standard unit of currency used within the Republic of Cyprus. Historically, this was the Cypriot pound (CYP), which was subdivided into 100 cents.
Usage Examples
- Noun:
- Before adopting the euro, the Cypriot monetary unit was the pound.
- The value of the Cypriot monetary unit was pegged to a basket of currencies.
Advanced Usage
- The term is primarily used in historical, economic, or numismatic contexts to discuss the currency system of Cyprus prior to its adoption of the euro in 2008.
- Collectors are interested in coins representing the former Cypriot monetary unit.
Variants and Related Words
- Cypriot pound (CYP): The specific name for the former Cypriot monetary unit.
- The Cypriot pound was replaced by the euro.
- Mil: A former subdivision of the Cypriot pound, equal to one-thousandth of a pound, used before 1983.
- Euro (EUR): The current monetary unit of Cyprus, which succeeded the Cypriot pound.
Synonyms
- Currency unit of Cyprus
- Cypriot currency
Notes
- This term is now largely historical, as Cyprus is a member of the Eurozone. The "Cypriot monetary unit" in contemporary legal tender is the euro.
Noun
-
monetary unit in Cyprus
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