Banking System

The unit of currency of the Republic is the Cyprus Pound. As of April 2006, the Cyprus Pound was approximately equivalent to: 1.74 EURO.

The banking system in Cyprus, which is modelled on the British System, is well developed, highly organized and capable of providing fast and efficient service worldwide. The system is structured around the Central Bank, which monitors the operations of the commercial banks and other financial institutions.

In their effort to satisfy the diverse needs of the business community, the commercial banks are full members of the Society for Worldwide Interbank Financial Telecommunications (SWIFT) and provide a wide range of facilities.