Getting to know the currency of Northern Cyprus: a complete guide

When you decide to immigrate to a country or organize a foreign trip, what is the first step you take? One of the most important actions is changing money and converting Rials to the currency of the same country. For this reason, having accurate and comprehensive information about the currency of that country is one of the first and most necessary measures.

For this reason, one of the basic steps to immigrate to North Cyprus is to know the currency of that country and the related economic conditions. In this context, questions such as: “What is the currency of North Cyprus? What are the differences between the official currency of North Cyprus and South Cyprus? What are the conditions for buying property in North Cyprus? And how is it possible for Iranians to transfer money?” It comes to every immigrant’s mind.

Since some people don’t know about Cyprus currency and its related issues, it is better to talk about it in this article. In the following, we will examine these issues and provide you with complete information. Thus, you can get answers to many of your questions about the currency of Northern Cyprus from this article.

Getting to know the currency of Northern Cyprus: a complete guide

All about Northern Cyprus

Northern Cyprus, part of the island of Cyprus, is known as an attractive destination for tourism, living and investment. The region has a rich history and culture that has been influenced by various civilizations including the Byzantines, Ottomans and British. The major cities of Northern Cyprus such as Nicosia, Kyrenia and Famagusta each have their own unique characteristics. As the capital, Nicosia is the political and economic center of Northern Cyprus and offers many facilities in the fields of education, health and public services.

With beautiful sandy beaches and stunning natural scenery, Kyrenia is an ideal destination for lovers of nature and water sports activities. Also, Famagusta attracts many tourists with historical monuments such as churches and old castles.

Living in Northern Cyprus

Living in North Cyprus is associated with relatively low costs, favorable quality of life and high security. The culture of North Cyprus, influenced by the Ottoman heritage, includes music, folk dance and handicrafts that make people’s daily life lively and colorful. This area is also a popular destination for foreign students due to its prestigious and international universities. An efficient and inexpensive public transportation system, including shared buses and taxis, provides easy access to various parts of the island. The varied and delicious Mediterranean cuisine, including a variety of pastas, seafood and meat kebabs, offers a delicious experience of living in this area.

Getting to know the currency of Northern Cyprus

Cyprus, like other countries, has gone through many ups and downs throughout its history and has been ruled by different empires, each of which had a deep impact on this land. Following this issue, the currency of Cyprus has been variable due to the fact that it has been dominated by other countries, and different currencies are common in the north and south of this country.

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Getting to know the currency of Northern Cyprus

Historical influences on the currency of Northern Cyprus

One of the empires that influenced the financial system and currency of Northern Cyprus is England. The island of Cyprus was under their rule before gaining independence from England in 1960. The cultural influence of England on Cyprus is so great that its traces can still be seen on this land. The most obvious example that can be given in this case is that British money is now considered as the common currency of Northern Cyprus.

As you know, Cyprus is divided into two parts, northern and southern, and each of them is managed by an independent government. The interesting point is that the currency is not the same in the northern and southern parts of Cyprus, which will be fully explained below.

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The official currency of North and South Cyprus

Northern Cyprus has gone through ups and downs throughout its history and these ups and downs have directly affected the country’s financial system. It is a prominent example of England’s domination, and even today, the British pound is considered one of the common currency of this country. However, the official currency of Northern Cyprus is not the British pound, but the Turkish lira, which is also affected by Turkey’s political and economic issues. The salaries of employees are in Turkish Lira, and the purchase of food and other consumables is also done in Lira.

Introducing the currency of Northern Cyprus

Each Turkish lira contains 100 kuroush and its price is about 2000 tomans, which is equivalent to one fifth of the US dollar (every 100 US dollars is equivalent to 500-600 Turkish lira on average). The closeness of the lira to the rial has made the cost of living in Cyprus affordable for Iranian citizens. Turkish lira is available in 5, 10, 20, 50, 100 and 200 lira notes.

Many people may think that Northern Cyprus is part of Turkey. But you should know that contrary to this perception, while the lira is the official currency of Northern Cyprus, this country is completely independent and supported by Turkey. In 1983, after the separation of Northern and Southern Cyprus, the country decided to use the Turkish lira as its currency.

The importance of knowing the Turkish lira for traveling to North Cyprus

According to the explanations provided about the official currency of Northern Cyprus, we conclude that if you plan to travel to this country, it is better to bring Turkish lira with you. Because you can do many of your personal tasks easily and have no problem shopping or exploring the city. Also, if you are looking for information about working conditions in North Cyprus, you can visit our North Cyprus working conditions page.

Buying and renting property and cars in North Cyprus

If you are planning to move to North Cyprus, you will definitely need British Pounds to buy or rent property and buy a car, and you will need Lira for your daily expenses. For this reason, you should take the necessary steps to convert your money before traveling.

Payment of university tuition in Northern Cyprus

If you are a student or intend to study in North Cyprus, your tuition fee will be in dollars or euros according to the conditions of the university where you have been accepted. In addition, some universities in Northern Cyprus charge tuition at the Turkish Lira rate.

The currency of South Cyprus

Unlike Northern Cyprus, whose currency is the Turkish Lira, the currency of Southern Cyprus is the Euro. Those who plan to travel to both North and South Cyprus are advised to bring Euros with them.

Why should we know about Cyprus currency?

Today, people travel to North Cyprus for different purposes, such as leisure travel, business travel, immigration, etc. But they need cash on this trip. If for any reason they are not aware of the currency, the terms of receiving it from the exchange and other information, they will suffer a lot of losses. For this reason, obtaining information about the currency of Cyprus is one of the most important tasks before traveling.

Some people think that due to the separation of North and South Cyprus from each other and their independence, they have an independent and separate currency. But contrary to this belief, the political events that have occurred in the history of this country have caused changes in economic issues. However, North Cyprus is still one of the developing countries that has grown significantly in recent years.

Money transfer for Iranians

Transferring money from one country to another is always one of the main concerns for those who study or live abroad. But now there is no need to worry. In recent years, a large number of Iranians have immigrated or are studying in Northern Cyprus. The ever-increasing number of applicants has made it possible for you to receive Turkish lira, dollars, pounds and euros in Cyprus instead of paying Rials in Iran.

The process is very simple. In fact, people can convert their rials into pounds and liras by going to the exchange and receive the same amount from the exchange. Doing this before the trip will make people feel at ease. If someone lives in North Cyprus, he can ask the people who live in Iran to deliver Rials to the exchange and by presenting the card number belonging to North Cyprus, after converting Rials to Lira, transfer the desired amount to the same amount. Transfer the desired account in North Cyprus.

An overview of the monetary and economic conditions of Northern Cyprus

An overview of the monetary and economic conditions of Northern Cyprus

Northern Cyprus has a small and diversified economy based on industries such as tourism, agriculture, mining, and metal artefacts. This region is known as a popular tourist destination that attracts many tourists every year with its beautiful natural attractions and rich cultural heritage. Also, the agricultural industry, especially the production of products such as olives, oranges, pistachios and almonds, plays an important role in the economy of Northern Cyprus. In addition, other industries such as kaolin, copper, and coal mining also boost the economy of this region.

In monetary terms, the official currency of Northern Cyprus is the Turkish lira, which is officially linked to the US dollar. This region provides reliable banking facilities with a modern banking system and appropriate financial services. Also, despite the changing economic conditions and fluctuations that may occur in global markets, North Cyprus has been able to maintain a stable and resilient economy by diversifying its industries and exporting local products. For this reason, today it has one of the best economies in the world.

last word

The monetary unit of Cyprus has been determined according to various political events. In fact, North Cyprus is one of those countries that has experienced many ups and downs. From the past until now, there have been many events that have played a role in the economy of North Cyprus. But the important thing about Cyprus is that after these events, it still had a very good performance and prosperity. For this reason, many investors today prefer to use their capital and assets in the financial fields of this country.

Today, financial markets, property markets and investment in North Cyprus is one of the most profitable economic activities that many investors are interested in. Familiarity with the currency of Cyprus helps investors to invest in the best time and in the best context.