Central Bank Of Cyprus

Description:

The Central Bank of Cyprus was established in 1963, shortly after Cyprus gained its independence, as an autonomous institution in accordance with the Central Bank of Cyprus Law 1963 and relevant articles of the Constitution. Since July 2002, the Central Bank has been governed by the Central Bank of Cyprus Law 2002. This law ensures the Bank’s independence as well as compatibility with the relevant provisions of the Treaty establishing the European Community and the Statute of the European System of Central Banks and of the European Central Bank. At the same time, the pertinent constitutional provisions were amended so as to ensure central bank independence as prescribed by the European Union (EU) acquis. According to section 5 of the Central Bank of Cyprus Law, the primary objective of the Bank is to ensure price stability. Without prejudice to this objective, the Bank supports the general economic policy of the government.