Modernization and Independence: Following the end of British colonial rule, Cyprus gained independence in 1960. As part of its newfound sovereignty, the Central Bank of Cyprus was established in 1963, taking over the responsibility of issuing currency from the British authorities. The newly formed central bank introduced a series of banknotes and coins.The banknotes included denominations such as 1 Pound, 5 Pounds, 10 Pounds, and 20 Pounds. Each note featured unique designs and figures that reflected Cyprus’ rich heritage. These banknotes not only served as a means of exchange but also represented Cypriot culture, history, and archaeological treasures. They celebrated the island’s traditions, landmarks, and mythological significance, highlighting Cyprus’ unique identity.
The introduction of these banknotes further established the Cypriot Pound as a symbol of national pride and showcased the rich cultural heritage of Cyprus during its transition to independence.
Throughout the 1970s and 1980s, the Cypriot economy experienced significant growth, driven by sectors such as tourism, shipping, and financial services. As a result, the value and stability of the Cypriot Pound were strengthened, and it became an important medium of exchange both domestically and internationally.