Exchange rate fixing - change in the method of quotation of the Cypriot Pound

With effect from 5th April 2004 the Central Bank of Cyprus abandoned the inverse method of quotation of the Cypriot Pound against the major currencies. According to the new method the exchange rate will not represent the amount of US Dollars per 1 Cypriot Pound (e.g. CYP=2.0768) but the amount of Cypriot Pounds per 1 US Dollar (e.g. CYP=0.4815). Regarding this new methodology the CNB official reference rate fixed on 5th April 2004 was corrected to 55.780.

CNB Communications division