British currency in the Middle East pound sterling until 1972, some twelve years after Cyprus gained independence from the United Kingdom. Initially the Cyprus pound was divided into 20 "shillings" ("σελίνι" / "σελίνια", "şilin"), in common with its United Kingdom counterpart. However, unlike the United Kingdom shilling, the Cyprus shilling was divided into 9 "piastres" ("γρόσι" / "γρόσια", "kuruş"), thus establishing a nomenclature link to earlier Ottoman currency. The piastre was itself divided into 40 "para" (like the kuruş). The para denomination did not appear on any coins or banknotes but was used on postage stamps. However, the -piastre coin was equal to 10 para (παράδες)
British currency in the Middle East Chairman of the Cyprus Currency Board was held by the Accountant General, also known as the Auditor General, of the British colonial Government of Cyprus. The Board could issue notes and coins, initially denominated in the Cypriot pound, shillings and piastres, and later, following decimalization in 1955, in Cyprus pounds and mils. However, the local currency remained pegged at one Cyprus pound to one pound sterling meaning ultimate fiscal control still rested with the Bank of England in London and the Government of the United Kingdom. This link was maintained by the requirement that for every Cyprus pound issued by