Cypriot finance minister sees gold sale within months: Reuters

YEREVAN, April 17. /ARKA/. Cyprus’s finance minister said on Wednesday he anticipated the island nation to sell part of its gold reserves “during the next months”, but the final decision rested with the central bank, Reuters reported today.

Cyprus has to sell some of its gold reserves to raise about 400 million euros to finance its part of a 10 billion euro EU/IMF bailout, according to an assessment of Cypriot financing needs prepared by the European Commission.

The island nation confirmed last week that a sale of its gold reserves was among the options for its contribution towards the rescue package, but ultimate responsibility rested with the central bank.

“In the case of the gold, it’s the board of the central bank. It’s perfectly understandable.. They have the final say,” Finance Minister Harris Georgiades said in an interview with Bloomberg TV.

Georgiades did not elaborate on how much gold Cyprus might sell nor at what price.

Asked if the government had the support of the central bank to go ahead with the sale, Georgiades said: “It’s something that will be examined soon, I hope.”

A central bank spokeswoman said last week the sale of gold reserves was not presently on the board’s agenda.—0-

spot_img

POPULAR

About 10% of Armenia’s dram-denominated government debt is held by international institutional players: Central Bank Governor

Institutional players are entering the dram-denominated government debt market in Armenia, stated Martin Galstyan, Chairman of the Central Bank of Armenia.

Head of Central Bank named two main risks for financial stability

There are two main risks for the financial stability of Armenia: one is associated with external factors, the other with internal processes, said the Chairman of the Central Bank Martin Galstyan, presenting the financial stability report for 2025.

Continuous liquidity and fair pricing must be ensured in the Armenian foreign exchange market — Central Bank

One of the main tasks of the Central Bank of Armenia is to ensure continuous liquidity and fair pricing in the foreign exchange market, stated Martin Galstyan, head of the regulator.

In Armenia, 82% of the country’s financial system assets are accounted for by the banking system – Central Bank

The assets of Armenia's banking system continue to dominate the country's financial system, accounting for approximately 82% of total assets, or approximately 12 trillion drams, said Martin Galstyan, Chairman of the Central Bank.

Government securities dominate Armenia’s capital market, with a volume of approximately $7.4 billion – Galstyan

Government securities dominate Armenia's capital market, with a volume of approximately $7.4 billion in circulation, stated Martin Galstyan, Chairman of the Central Bank of the Republic.

LATEST NEWS

spot_imgspot_imgspot_img