Only a 5-6 minute walk from convenient city centre Nicosia accommodation, Hypnos by bed N’ Mix, the history and iconography of a new permanent exhibition of coins provide a fascinating insight into “international trade, power and reputation” of empires, past and present. It’s time “well spent” as trade, commerce and currency never stand still…
Nicosia is the financial, as well as government and cultural capital of Cyprus. So it’s no surprise that ‘The Gold Collection” is now permanently installed at the city’s A. G. Leventis Gallery on Leonidou Street. On display are more than 600 gold coins and commemorative gold medals dating from 362 BC to the mid-20th century, which were collected during the 1960s and 70s by the gallery founder, Anastasios G. Leventis.
History of Cyprus currency – insight for Nicosia Accommodation business visitors
The history of the islands’ currency can be traced back more than 2,500 years. The first coins in Cyprus – minted in silver – occurred during the period of the “city kingdoms” in 6th century BC. Throughout its history of foreign rulerships, Cyprus has traded with many monetary units including, Roman and Byzantine coins, the dinar – the main coin of the medieval Islamic empires – and the piastre of the Ottoman Empire.
When Cyprus came under the dominion of the British Empire as a British protectorate in 1879, the Cypriot pound (also known as the Cypriot lira) was introduced, which was equal in value to the pound sterling. During the period when Cyprus became a Crown colony of Great Britain (1922 – 1960) the currency value remained unchanged until 1972, more than a decade after achieving independence.
Blockchain to change trading in Cyprus
Cyprus joined the European Union in May 2004 and nearly four years later, the Cypriot pound was finally replaced by the Euro as the official currency on 1 January 2008. By 2016, Cyprus was listed as one of the 31 advanced global economies by the International Monetary Fund who were confident in their forecast for Cyprus growth rates to exceed 3 per cent by 2020. The island’s GDP actually saw a 3.1 per cent growth in 2019.
Today, the world of currency for most international business dealers is a long way removed from real gold coins and notes. The advent of blockchain technology looks set to again change the island’s trading landscape. Late in 2018, Cyprus joined with seven other EU states in signing a declaration aimed at collaborating in the promotion of blockchain application and distributed ledger technologies.
Nicosia accommodation at the centre of Cyprus finance and business
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