Costs in Cyprus
Compared with Western Europe, travel in southern Cyprus is moderately inexpensive; compared to the Middle East, you’ll find it pricey. The cost of tourist commodities in the Republic and in the North are similar, though the North is better value when it comes to eating out and at the budget end of accommodation options. Accommodation is more expensive in July and August on both sides of the Green Line.
Cyprus, in both the North and the South, has a 15% value-added tax (VAT), which is automatically added to the cost of more or less all services. An additional tax rate of between 2% and 10% is added to goods and services in Northern Cyprus. This tax and the VAT are not refundable to travellers upon departure.
Money in Cyprus
The unit of currency in Northern Cyprus is the new Turkish lira (Yeni Turkye Lira; YTL). Exchange rates for the new Turkish lira are subject to fluctuations due to a high inflation rate, check an up to date exchange website like www.xe.com for the most current rates.
The Republic’s unit of currency is the Euro (€). Euro notes come in denominations of 5, 10, 20, 50, 100, 200 and 500. It is often difficult to get change for a €500 note. One euro is divided into 100 cents. Coins of 1, 2 and 5 cents are copper-coloured; coins of 10, 20 and 50 cents are gold-coloured; 1 and 2 euro coins are gold-and-silver coloured.
Banks in Cyprus exchange all major currencies in either cash or travellers cheques. Most shops and hotels in Northern Cyprus accept Cyprus pounds, and hard currencies such as UK pounds, US dollars and euros.
Cyprus entered the euro zone in 2008.
Tipping in Cyprus
In both parts of the island, a 10% service charge is sometimes added to a restaurant bill; if not, then a tip of a similar percentage is expected. Taxi drivers and hotel porters always appreciate a small tip. Bargaining is not normally part of the shopping scene in Cyprus, neither in the North nor the South.
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