Hestia Group News

Although cyprus stands at the crossroads of three continents in the Eastern Mediterranean, it is firmly rooted in the family of European nations. The Republic of cyprus joined the European Union (EU) in 2004 and together with Malta will become a member of the ‘Euro’ zone from 1st January 2008. In practical terms this marks the end of the cyprus Pound - and the people of cyprus will join more than 310 million citizens in the 13 EU member states already using the Euro as their single Currency.

As you would expect, a great deal of planning and preparation has gone into making such a significant, historic change to the economic and commercial culture of cyprus – and the move is intended to further improve the cohesion of trading between countries within the Euro zone.

One immediate impact will be the removal of the transaction charge associated with converting one Currency to another. In effect this will make purchasing something in cyprus as straightforward as buying something in Greece, Italy or Germany for example. Although there are other variables at play in the cyprus property market – such as the introduction of VAT on land during 2008 – the introduction of the Euro will make it easier for people elsewhere in the Euro zone to buy property.  The uncertainty and instability arising from exchange rate fluctuations will be one less factor to worry about! Obviously, the laws of economics still apply and areas enjoying strong demand are likely to see rising prices. That said, the ‘Window of opportunity’ is always open to those prepared to take informed action sooner rather than later…

A key decision was deciding the rate at which the Euro will be substituted for the cyprus Pound. The Council of the EU confirmed this in July 2007: €1 = £0,585274.

A great deal of planning has gone into making the changeover as effortless as possible for the ordinary consumer. Therefore, from 1st September 2007 through to 30 September 2008 there will be dual display (in Pounds and Euro) of the prices of goods and services. Although the existing Currency will be withdrawn from circulation at the end of January 2008, this move is designed to give people familiarity with the relative value of the Euro against the cyprus Pound.

In anticipation of the adoption of the Euro – and based on the experience of consumers in other Euro zone countries – concern has been expressed about the temptation for some traders to  perhaps ‘round up’ prices and profit from what should otherwise be a straightforward conversion from one Currency to another. For this reason, the Fair Pricing Code will apply from 10 July 2007 until 10 July 2008. This voluntary code encourages transparency in the pricing of goods and services during the changeover period. All subscribers will be awarded a logo. The commitments under the Code include the avoidance of unjustified price increases, transparency in pricing policies and consumer information and assistance.

Implementation will be officially monitored to ensure that exploitation does not take place. This will be in the form of ‘Euro-Observatories’. The Euro-Observatories are responsible, at regional level, for monitoring the introduction of the Euro, the legality of transactions and the transparency of professional practices, for referring citizens to any source of information and for hearing, mediating and providing assistance to citizens in respect of Euro changeover issues. The Euro-Observatories are hosted at the District Offices.

On 1 January 2008 the Euro will become the official Currency of cyprus, replacing the cyprus pound. Euro banknotes and coins will be put into circulation and will become legal tender in the Republic of cyprus. In parallel, all accounts with banks and cooperative credit institutions that are denominated in pounds will automatically be converted into accounts denominated in Euro, free of charge.

For a period of one month (1 – 31 January 2008) after the adoption of the Euro, banknotes and coins in cyprus pounds will circulate in parallel with the Euro and will be accepted for payments. All non-cash transactions (such as cheque, card etc.) will be carried out exclusively in Euro. Businesses should give change only in Euro.

After the end of the ‘parallel circulation period’ banks and cooperative credit institutions will exchange banknotes and coins in pounds for banknotes and coins in Euro, free of charge up to a ceiling (£1.000 per customer per transaction for banknotes and £50 for coins).  And for deposit, any amount of banknotes and coins in pounds, until 30 June 2008 (six months after the Euro adoption date).

The Central Bank of cyprus will continue to exchange, free of charge, banknotes in pounds for Euro for 10 years after the Euro adoption date (until 31 December 2017), and coins in pounds for 2 years after the Euro adoption date (until 31 December 2009).

From 1 February 2007 cash in cyprus pounds will cease to be legal tender and will not be accepted for payments.  All payments will be carried out in Euro.

Although introduction of the Euro is arguably a contentious issue, the motives for so doing are driven by a desire to provide important benefits to the economy as a whole - such as low inflation and interest rates and sound public finances. These conditions are seen by the government as conducive to fostering economic growth, investment and employment to the benefit of citizens.

On a practical level there are other attributes which should assist the realisation of the broader goals. These include the reduction of Currency exchange rate risks and costs (especially for traders, students studying abroad, and tourists visiting cyprus); greater price transparency; easier access to the Euro area capital markets; fostering of foreign investment; reinforcement of the country’s position in the EU.

For further information you can visit the national website for the Euro at www.euro.cy
 
The Toll Free telephone helpline for the Euro is: 8000 2008

District Offices may also be contacted by telephone for further enquiries:

Nicosia: (00357) 22804152
Limassol: (00357) 25806420
Larnaca: (00357) 24801803
Famagusta: (00357) 23812069
Paphos  (00357) 26801105
 

When they think of cyprus, most people think of it as an island – which it is. They also perhaps think of the lively night life and club scene of agia napa – which there is. cyprus also tends to be associated with long stretches of clean sandy beaches basking in the sunshine of the Eastern Mediterranean – which is also true.

It is also the destination of choice for many thousands of British people who have bought their own apartment or villa on the island either as a holiday home or for permanent living. As a former British colony, cyprus today reflects many aspects of this more recent heritage – English is widely spoken, there are dual language street names and you drive on the left hand side of the road!  

Yet cyprus and its heritage goes back into antiquity and mythology. Apart from its association with a host of invading and ruling powers across the centuries, it is also the reputed birthplace of Aphrodite, the mythical goddess of love. Aphrodite’s rock is the name assigned to a rock which juts out from the waters of the Mediterranean Sea near Paphos in the west of the country.

Although cyprus is the third largest island in the Mediterranean, it has a scattering of tiny islands off its own coastline. These in turn have their own heritage and reputation carried through to the modern day. One of these places is the small island of Yeronissos, just off the coast of Agios Georgious, near Peyia in Paphos. Only a few decades before Christ, pilgrims flocked here to worship an ancient god, probably Apollo, and enjoy banqueting. This island is also known as the ‘Sacred Island’ and today is a popular dive site for many active visitors to cyprus.

Archaeologists from New York University under the direction of Professor Joan Breton Connelly digging on the southern coast of the island have discovered open-air kitchen and washing-up facilities facing out to the sea, while the dining rooms, equipped with sitting benches seemed to be located inland, according to a report published in 2005.
 

The report also said that south of a diagonal wall a hearth and many cooking pots were found, along with a washing basin at floor level, made of re-used broken amphora shards smeared with a thick baked clay lining.

Built up against and respecting the diagonal wall were found a series of substantial stone rubble walls, oriented along north/south and east/west axes, apparently representing a very slightly later phase in construction and defining a series of rooms measuring roughly 4.5 by 4.5 metre.

Two of the rooms were equipped with stone platforms that rose some 40cm above floor level. The area surrounding these platforms or benches was literally filled with pottery, lamps, and other objects.

In a nearby room two stone slabs were inscribed with the Greek monogram Eta Gamma, around which many pots were similarly deposited.

The 2005 season on Yeronissos resulted in the excavation of many cooking pots, drinking bowls and cups, jugs and lagynoi, stone pierced disks, bronze needles, a bronze fish hook and three limestone amulets.

The material recovered during previous seasons can be comfortably dated within the years 80-30 BC, but an even narrow chronology is likely and it is during the third quarter of the 1st century BC that the island enjoyed its most robust period of activity. The precise nature of activity in late Hellenistic Yeronissos is not yet fully understood, though evidence points to the worship of Apollo.

These remarkable discoveries are firm evidence that cyprus is rooted in the very essence of ancient civilisation - and the sometimes mystical attachments our current knowledge has of where the modern island has come from in its heritage trail.

The Yeronissos Island is regularly captured and plays an important role as part of the perfect sunset enjoyed from Agios Georgious…

Anyone who has ever visited cyprus is almost bound to heap a whole load of superlatives upon the island in trying to describe where they have been, what they have seen - and why they want to come back for more!

When it comes to the natural environment, you will certainly be spoilt for choice when searching for the true beauty of what cyprus has to offer.  Nowhere is this more so than in the Akamas area on the north western tip of the island, where nature maintains a unique but fragile beauty. Unique, as it is the last coastal region on the island to remain largely untouched by mass tourism and development. Fragile, as its beauty can be damaged by its attraction to the visitor.  Continue Reading »

Coffee is perhaps one of the most widely traded commodities in the world – and is consumed as a refreshing beverage across the international landscape by people in diverse cultures – and each produces a variety suited to its own tastes. Some things never appear to change – and you will invariably find Nescafe on the menu wherever you go – and Starbucks coffee shops seem to be on a march of progress of their own!

However, in much the same way that food and its preparation helps to define the image and our perception of a country, the same applies to coffee. There are many variations on the theme of how this liquid refreshment is blended - and how and where it is served in the social framework of the local society.

This thought will find resonance with anyone who has ever lived in or visited cyprus. No Cypriot village is complete without a traditional coffee shop - the ‘kafenio’. It is the most important place in the village - a gathering point, the central point of communication, a place to meet friends, to play ‘Tavli’ ( the Greek version of Backgammon ) or just pass time by drinking a Greek coffee, tea, fresh juice or a home-made fruit squash. Greek coffee – as cyprus coffee is known - is ordered ’sketo’ (no sugar), ‘metrio’ (medium sweet) or ‘glyko’ (sweet). Each ‘kafenio’ has its own individual way of making coffee, so be to be sure of what you will receive it is best to state the number of sugars you want whilst ordering!

cyprus coffee is very different to the types of coffee you might be used to drinking in the rest of Europe.  It is served black and short, alongside a glass of water.  Sugar must be requested when the coffee is ordered due to the coffee being unfiltered; nothing should be stirred into it after it is served, as this would agitate the coffee remnants that would have sunk to the bottom of the cup. 

For the more adventurous culinary explorer, making your own cyprus Coffee is not too difficult. All you need to do is take a Cypriot size coffee cup as a measure - pour water into a small coffee pan and bring the water to the boil. For a ’sketo’ put 1-2 teaspoons of coffee into the boiling water and stir well, until it froths up. For a ‘metrio’ add one spoon of sugar. For a ‘glyko’ add two spoons of sugar. cyprus coffee is always served with a glass of cold water.

In case you are invited to someone’s house for a coffee, don’t be surprised if they turn their cups upside down onto the saucer after drinking it. There are some people who claim they can read your future from the coffee drains. Don’t be afraid to let them do it. It’s a nice way to start some small talk, and of course it depends on you how seriously you take the predictions!

One thing is for sure – wherever and whenever you’ve tried and tasted cyprus coffee, it’s an experience you will certainly savour. Not only will your taste buds be excited –  the associations of places and people will be rekindled when you think of this most Cypriot of sociable and hospitable recreations.