Cyprus: Government Plans to Sell Part of Its Gold Reserves
April 17th, 2013Via: Bloomberg:
The Cypriot government plans to sell part of its gold reserves within the next months, a decision that needs to be approved by the country’s central bank, Finance Minister Haris Georgiades said.
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Central bank chief Panicos Demetriades said last week that the Cypriot government didn’t have the right to sell gold without his consent. He also signalled the administration hadn’t involved him in the plan. The Cypriot central bank manages the country’s gold stock, which amounts to 13.9 metric tons, according to the World Gold Council.
