The Euro Currency In Cyprus

The Euro Currency

The currency in Cyprus was once Cypriot pounds, but now it has changed to the Euro, as Cyprus is now part of the EU. Since joining the EU and changing to the Euro, it has become expensive in Cyprus. Here are some advantages and disadvantages of how the Euro is working in Cyprus now.

Advantages

1. The Euro is especially good if you want to travel to another European country, as there are many countries that are part of the EU and use the Euro now, which makes it easier with not having to change currency.

2. The Euro is good for transferring money over to another European country other than Cyprus if you want to purchase property there.

3. It is good for buying over the internet with another European country that uses the Euro, because it is straight forward and no calculations with different currencies.

Disadvantages

1. For people that live in Cyprus, the Euro has become very expensive in a lot of places, such as, food shopping in the supermarkets, property and English shops like Debenhams and Next.

2. Eating out in restaurants is now very expensive for tourists and locals.

3. The electric costs have increased. It is now very expensive if you own a home with a private pool and use the air conditioning every day for two months. Most locals are trying to cut down, but in the hot months from June to October it is very hard to live without it. Many locals are complaining about the electric going up in price in Cyprus. It is becoming a problem, but soon there will be new electric companies coming to Cyprus that will solve this problem.

4. Ex-pat locals that have retired in Cyprus have lost out with their pensions from the United Kingdom, because the Euro has dropped against the English pound.