CYP

AAA

DEFINITION of 'CYP'

The ISO 4217 currency code for the Cypriot pound. The Cypriot pound (CYP), also known as the lira, was the national currency for the country of Cyprus until 2008, when the republic adopted the euro (EUR). The symbol for the pound is £C. As of January 2008, the Cypriot pound had a permanent fixed conversion rate to the euro.

BREAKING DOWN 'CYP'

The CYP was issued by the Central Bank of Cyprus, which was formally succeeded by the European Central Bank in 2008 in conjunction with the country's choice to adopt the euro as its national currency.

The currency market, also known as the foreign exchange market, is the largest financial market in the world.

RELATED TERMS
  1. Currency

    A generally accepted form of money, including coins and paper ...
  2. Hard Currency

    A currency, usually from a highly industrialized country, that ...
  3. Money

    An officially-issued legal tender generally consisting of currency ...
  4. Forex - FX

    The market in which currencies are traded. The forex market is ...
  5. Sprexit

    Sprexit, or SPanish euRo exit, is the possible case of Spain ...
  6. Grexit

    Grexit, an abbreviation for "Greek exit," refers to Greece's ...
Related Articles
  1. Options & Futures

    A Primer On The Forex Market

    Moving from equities to currencies requires you to adjust how you interpret quotes, margin, spreads and rollovers.
  2. Forex Education

    Currency Exchange: Floating Rate Vs. Fixed Rate

    Baffled by exchange rates? Wonder why some currencies fluctuate while others are pegged? This article has the answers.
  3. Personal Finance

    The Currency Board: Understanding The Government's Bank

    Currency board, central bank - what's the difference? Find out more about this little-known monetary authority.
  4. Forex Education

    Top 7 Questions About Currency Trading Answered

    Whether you're puzzled by pips or curious about carry trades, your queries are answered here.
  5. Personal Finance

    What Are Central Banks?

    They print money, they control inflation, and much, much more. All you need to know about central banks is here.
  6. Mutual Funds & ETFs

    ETF Analysis: ProShares UltraShort Yen

    Learn about the ProShares UltraShort Yen, an inverse-leveraged exchange-traded fund based on the value of Japanese yen in U.S. dollars.
  7. Forex Education

    China's Devaluation of the Yuan

    Just over one week ago the People’s Bank of China (PBOC) surprised markets with three consecutive devaluations of the yuan, knocking over 3% off its value.
  8. Savings

    Best Places to Exchange Currency in Boston

    Since the nation’s first colonial currency was established in Revolutionary War-era Boston, the city’s currency exchange situation has come a long way.
  9. Markets

    How to Use Blockchain to Buy and Sell Gold

    Most people still haven't heard of the term "blockchain," but chances are you will soon. A blockchain is a tamper-proof, distributed electronic ledger that exists across a decentralized network. ...
  10. Economics

    Is the Yuan a Yawn or a Nightmare for Investors?

    China’s decision to change the method of setting its currency exchange rate caused global shock waves last week.
RELATED FAQS
  1. How is a block chain network useful for trading goods and assets in virtual currencies?

    Perhaps the most famous quote associated with blockchain technology came from an anonymous virtual currency user, who described ... Read Full Answer >>
  2. What types of companies benefit from reporting results utilizing constant currencies ...

    Any company that does a substantial amount of business in foreign countries, and is therefore subject to foreign currency ... Read Full Answer >>
  3. What are key benefits to a country that has engaged in a policy of currency depreciation?

    In the modern world, most currencies represent fiat money not backed by any commodity or precious metal and whose value is ... Read Full Answer >>
  4. How does a block chain prevent double-spending of Bitcoins?

    Double-spending – the incidence of one individual successfully spending a Bitcoin balance more than once – is a major concern ... Read Full Answer >>
  5. What is the difference between barter and currency systems?

    The primary difference between barter and currency systems is that a currency system uses an agreed-upon form of paper or ... Read Full Answer >>
  6. What is a forward contract against an export?

    A forward contract against an export is an agreement between the importer and exporter to exchange a specified amount of ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Tiger Cub Economies

    The four Southeast Asian economies of Indonesia, Malaysia, the Philippines and Thailand. Tiger cub economy indicates that ...
  2. Gorilla

    A company that dominates an industry without having a complete monopoly. A gorilla firm has large control of the pricing ...
  3. Elephants

    Slang for large institutions that have the funds to make high volumes trades. Due to the large volumes of stock that elephants ...
  4. Widow's Exemption

    In general terms, a widow's exemption refers to the amount that can be deducted from taxable income by a widow, thereby reducing ...
  5. Wedding Warrant

    A warrant that can only be exercised if the host asset, typically a bond or preferred stock, is surrendered. Until the call ...
  6. Marlboro Friday

    A reference to Friday, April 2, 1993, when Philip Morris, the maker of Marlboro cigarettes, announced that it would be cutting ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!