NICOSIA Dec 13 Cyprus has no plan to sell gold
reserves to fund its 10 billion euro ($13.75 billion) bailout,
officials at the central bank said on Friday.
Cyprus's government in April undertook to look into selling
its gold reserves to raise 400 million euros to help finance
part of its EU-IMF bailout.
"We do not intend to sell the gold," a senior official at
the central bank told Reuters, declining to be identified.
Central bank officials said the gold reserves, valued at 441
million euros on its balance sheet, were important to safeguard
the institution's independence.
Asked about any alternative method to raise the 400 million
euros, the official said: "They (the government) have to go back
to the troika and say this (a gold sale) is not going to
The official was referring to the troika of the European
Union, the European Central Bank and the International Monetary
While the Cypriot government had said sales would be
considered, the central bank had typically been cool to the
The governor of the central bank would have the final say in
such a sale, the central bank sources said.
International lenders have flung a financial lifeline to the
Mediterranean island, which was forced to seize deposits at two
major banks to finance its side of the deal in March.