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)
Decimal Day Advancement of Science and the Association of British Chambers of Commerce, followed by the success of decimalisation in South Africa, prompted the Government to set up the "Committee of the Inquiry on Decimal Currency" (Halsbury Committee) in 1961, which reported in 1963. The adoption of the changes suggested in the report was announced on 1 March 1966. The Decimal Currency Board (DCB) was created to manage the transition, although the plans were not approved by Parliament until the Decimal Currency Act in May 1969. Former Greater London Council leader Bill Fiske was named as the Chairman of the Decimal Currency