Nicosia is the capital and largest city of the Republic of Cyprus. It is also the capital of the Turkish Republic of Northern Cyprus, a state only recognised by Turkey. Located on the River Pedieos and situated almost in the centre of the island, it is the seat of government as well as the main business centre. Nicosia is the capital of the Nicosia District. Nicosia is designated a Beta World City - by the Globalization and World Cities Study Group and Network.
The currency of the Republic of Cyprus is the Euro (€). It is divided into 100 Euro cents (¢).Cyprus switched to the Euro on January 1st, 2008. Prior to that, it had been using the Cypriot Pound as its currency.
Politics of the Republic of Cyprus takes place in a framework of a presidential representative democratic republic, whereby the President of Cyprus is both head of state and head of government, and of a multi-party system. Executive power is exercised by the government. Legislative power is vested in both the government and the House of Representatives.