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The
Banking system in Cyprus is well-developed and capable
of coping with the diverse needs of the business community.
Commercial banks in Cyprus offer a wide range of banking services in Cyprus pounds, as well as in foreign currencies, and have correspondents in most major cities around the world. They are also full members of the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Commercial banking is based on UK banking law and practice and is complaint with EU banking law. Commercial banks are supervised by the Central Bank of Cyprus.
The
Central Bank of Cyprus is responsible for the monetary,
credit, and exchange policy, issues currency and acts
as banker of the Government. Commercial Banking arrangements
follow the British model, and the majority of Commercial
Banks on the island are now full members of the Society
for Worldwide Interbank Financial Telecommunication,
(S.W.I.F.T.).
In addition to supervising commercial banks, the Central Bank has the following duties and responsibilities:
1. Formulates and implements monetary policy;
2. -Conducts exchange rate policy within the framework of the policy formulated by the Council of Ministers after the latter has obtained the Central Bank’s opinion;
3. -Manages and administers the international reserves of the Republic;
4. -Promotes the smooth operation of payment and settlement systems;
5. Acts as a banker and financial agent of the Goverment;
6. -Participates in international monetary and economic organisations.
For further information please contact:
CENTRAL BANK OF CYPRUS
P.O.Box 25529, CY 1395 Lefkosia
Tel: 357-22714100, Fax: 357-22378151
E-mail:cbcinfo@centralbank.gov.cy
Website: www.centralbank.gov. cy
Banking hours for the public
May to September
Monday-Friday: 08:15 - 13:30
October to April
Monday-Friday: 08:30 - 13:00
Monday: 15:15 - 16:45
May to August
Monday-Friday 08:15 - 13:00
Banks are closed at weekends on public holidays and Easter Tuesday. Christmas Eve is a working day for banks.
Banks at Larnaka and Pafos International Airports provide exchange bureaux services on a 24-hour basis. Similar facilities are also available at Lemesos harbour.
There are many Automated Teller Machines (ATMs) outside most branches of banks in all towns and in the main tourist resorts of Agia Napa and Paralimni.
Hotels, large shops and restaurants normally accept credit cards and traveller's cheques. Rates of exchange are published daily in the local press and are broadcast through the media.
Further information of Cyprus's banking system is available at the Central Bank's website www.centralbank.gov.cy or the website of commercial banks.
- Centrally located Banks provide "afternoon tourist
services" from Tuesday to Friday.
- Banks at the Larnaca and Paphos International Airports
provide services throughout the day, as well as a
night service for most flights.
- Banking facilities are also available at the Limassol
harbor.
- Hotels, large shops, restaurants, etc. usually accept
travelers checks and major credit cards. Rates of
exchange are published daily in the local press.
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