Country ISO code: GB-AK (British Sovereign Base Areas)
Official language: English
Language ISO code: en
Current official currency: Euro
Current currency ISO code: EUR

Financial History and Currencies of Akrotiri and Dhekelia

1. Euro (EUR)

• Singular name: Euro

• Plural name: Euros

• Monetary subdivision: 1 Euro = 100 cents

• Fraction name (singular): Cent

• Fraction name (plural): Cents

• Initial production date: 1999 (accounting currency), physical coins and banknotes introduced in 2002

• Initial circulation date in Akrotiri and Dhekelia: January 1, 2008 (replacing the Cypriot pound)

• Mint: Various eurozone country mints (no local mint)

• Issuing bank: European Central Bank (eurozone)

• Minted coin denominations: 1, 2, 5, 10, 20, 50 cents; 1 and 2 euros

• Printed banknote denominations: 5, 10, 20, 50, 100, 200, and 500 euros

Economic Historical Context

• Akrotiri and Dhekelia are British Sovereign Base Areas located on the island of Cyprus, retained after Cyprus gained independence in 1960.

• Despite being British territories, they adopted the euro as official currency on January 1, 2008, aligning with the Republic of Cyprus which also replaced the Cypriot pound with the euro on the same date.

• The local economy is limited, mainly based on military services and restricted agriculture.

• The adoption of the euro facilitates financial and commercial transactions with the Republic of Cyprus, as the previous currency was the Cypriot pound.

Mints / Production Locations

• Coins and banknotes in circulation are those issued by the eurozone, produced at various European mints, with no local production.

Designs / Symbols on Coins and Banknotes / Abbreviations

• Euro coins have a common European side and a national side that varies by issuing country, but in Akrotiri and Dhekelia the standard euro coinage of the eurozone is used.

• Banknotes feature European architectural designs and do not have a national side.

Current Circulation Status

• Active and the sole official currency in Akrotiri and Dhekelia since 2008.

Issuing Authority

• European Central Bank, as part of the eurozone.

Relevant Monetary Legislation

• Akrotiri and Dhekelia follow eurozone regulations for currency use, despite being British territories.

This report presents the financial history and current monetary situation of the Sovereign Base Areas of Akrotiri and Dhekelia, highlighting the official use of the euro as circulating currency since 2008.