Cyprus is about to join the Euro zone.\u00c2\u00a0\u00c2\u00a0 The preparations are here and there, and this thing is in the atmosphere.\u00c2\u00a0 Back in June (or was it July?) the exchange rate was fixed by the Central Bank.\u00c2\u00a0 It will remain static until the Cyprus Pounds will disappear.<\/p>\n
Starting from the 1st of September all prices must be displayed in both currencies.\u00c2\u00a0 Cyprus Pound is still the main currency, but the Euro must follow. \u00c2\u00a0 Most places follow the regulation, and indeed you can see the CYP and EUR all over the place.<\/p>\n
On the 1st of January 2008, Euro will become the main currency, but all prices will have to display Cyprus Pounds equivalent for the next month (until January 31st 2008).\u00c2\u00a0\u00c2\u00a0 After that, the Cyprus Pound is gone and it’s all in Euro.\u00c2\u00a0 Or it’s at least how I understand the process.<\/p>\n
Anyway. There is a lot of confusion in the masses, and that, I believe, is expected to a certain degree.\u00c2\u00a0 One thing for example, is that many people don’t realize how to convert the currencies back and forward.\u00c2\u00a0 The Central Bank gave the fixed rate of\u00c2\u00a0 0.585274.\u00c2\u00a0 That means that for each 1 Euro you can get 0.585274 Cyprus Pounds.\u00c2\u00a0 Or 59 Cyprus cents. \u00c2\u00a0 But with one rate, how does one get conversion the other way?\u00c2\u00a0 That’s pretty easy.\u00c2\u00a0 Instead of multiplying the amount by the rate, you need to divide it. So, for each 1 Cyprus Pound you’ll get\u00c2\u00a0 1 \/ 0.585274 = 1.70860144138 Euros.\u00c2\u00a0 Or 1 Euro and 71 cents.<\/p>\n
That was easy.\u00c2\u00a0 But still many\u00c2\u00a0 people have problems with this.\u00c2\u00a0 Or with remembering the rate.\u00c2\u00a0 Even a rough one.<\/p>\n
There are shops that make it ever harder on us.\u00c2\u00a0 Intentionally.\u00c2\u00a0 Or maybe they are just trying to make it easier and it just comes out like this.\u00c2\u00a0 Example.\u00c2\u00a0 Today I went to the cinema.\u00c2\u00a0 (I wanted to “The Simpsons movie<\/a>“, but my timing was wrong and I ended up watching “Seraphim Falls<\/a>“, which started of as a good movie, but slowly lost its way and closed as a bunch of non-sense).\u00c2\u00a0 The K-Cineplex movie theater got me by surprise.\u00c2\u00a0 And I’m sure I’m not alone.<\/p>\n The usual price of a ticket is 4 CYP.\u00c2\u00a0 Today I paied 4.39 CYP.\u00c2\u00a0 At first I didn’t realize why, but my attention was quickly drawn to a new price list, where 4.39 CYP was followed by a nice 7.50 EUR. Wow!\u00c2\u00a0 A price update.\u00c2\u00a0 Nice.\u00c2\u00a0 Though if others will follow this lead, I’ll have to carry a lot of coins with me.\u00c2\u00a0 Once inside, I decided to buy a small bottle of water.\u00c2\u00a0 A surprise again.\u00c2\u00a0 Instead of the usual 50 cents, the cash register was showing 59 cents.\u00c2\u00a0 1 EUR.\u00c2\u00a0 Coins again.<\/p>\n It’ll be interesting to see how people and business react to a change like this.\u00c2\u00a0 One thing that will ensure lots of fun is that it is illegal to round the converted price (from what I heard, no sources though).\u00c2\u00a0 That means, that if a real estate agent has a house for 200,000 CYP, he’ll have to show\u00c2\u00a0 the price of 341,720 Euro and 29 cents somewhere nearby.<\/p>\n Have you had any fun with Euro yet?<\/p>\n\n","protected":false},"excerpt":{"rendered":"\n Cyprus is about to join the Euro zone.\u00c2\u00a0\u00c2\u00a0 The preparations are here and there, and this thing is in the atmosphere.\u00c2\u00a0 Back in June (or was it July?) the exchange rate was fixed by the Central Bank.\u00c2\u00a0 It will remain static until the Cyprus Pounds will disappear. Starting from the 1st of September all prices … Continue reading The touch of Euro<\/span><\/a><\/p>\n\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"keyring_services":[],"class_list":["post-10824","post","type-post","status-publish","format-standard","hentry","category-general"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t