Money aspects in Cyprus (North)
Until fairly recently the currency in Cyprus North was the Turkish Lire. But the Turkish Lire was not a very stable currency- something which the locals were not very happy about. Tourists taking North Cyprus holidays were frequently confused by the currency.
In 2003, six zeros were knocked off the old Turkish Lire. The ‘New’ Turkish Lire is the current currency in Northern Cyprus. Paper notes come in 100, 50, 20, 10, and 5 YTL.
The long-term plan is to gradually withdraw the Turkish YTL and replace it with the Euro.
At present, the Cyprus pound and pound sterling are both accepted methods of payment. However, the exchange rate for the Cyprus pound is not very favourable- about 10 to 15 percent is habitually deducted.
