Economy, Currency and Foreign Trade
pounds equal, Central Bank of Cyprus, money supply, Turkish lira, citrus fruit
The basic unit of currency is the Cyprus pound, which is composed of 100 cents (0.62 pounds equal U.S.$1; 2000 average). Currency is issued by the Central Bank of Cyprus, which also regulates the money supply and acts as banker for the Greek and British commercial banks on the island. The Turkish lira is the currency of the islandís Turkish sector (625,219 lira equal U.S.$1; 2000 average).
The annual export trade in the Greek sector in 2000 totaled $954 million. The chief exports included agricultural products, principally potatoes, citrus fruit, and wines; and manufactured goods, including clothing. Imports, primarily petroleum, textiles, cereals, and manufactured goods, amounted to about $3.8 billion. The United Kingdom is the major trade partner. In the Turkish sector, exports in 1995 were $56.9 million and imports were $323.6 million. Turkey is the Turkish sectorís major trade partner and financial benefactor; nevertheless the United Kingdom is the leading purchaser of Turkish Cypriot exports.
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