About Central Bank of Cyprus
The Central Bank of Cyprus (CBC) was established in 1963, shortly after Cyprus gained its independence, in accordance with the Central Bank of Cyprus Law, 1963 and the relevant articles of the Constitution. Today the CBC is governed by the Central Bank of Cyprus Law, 2002 as amended (hereafter “the CBC Law”).
The primary objective of the CBC is to ensure price stability. Without prejudice to its primary objective, subject to fulfillment of its obligations under the provisions of paragraph (1) of Article 105 of the Treaty establishing the European Community, as currently modified, the CBC supports the general economic policy of the government.
The CBC exercises all the powers necessary to achieve its objectives, including the powers arising from the participation of the CBC in the European System of Central Banks (ESCB).
The main functions of the CBC are:
(a) To contribute, as an integral part of the ESCB, in the formulation and implementation of the European Community’s monetary policy;
(b) The possession and management of the Republic’s official reserves, including the CBC’s and the government’s foreign currency and gold reserves;
(c) Conducting foreign exchange transactions and managing the international reserves which may be granted to the CBC for management, subject to the provisions of Article 111 of the Treaty establishing the European Community, as currently amended; … Continue reading about Central Bank of Cyprus here.