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.