Follow Cyprus investment immigration and Cyprus economic news: The government of Cyprus has recently proposed selling the country's gold reserves again to raise 400 million euros, as required by international bailout institutions.
According to local media reports, Cypriot Finance Minister Harris Georgiades has submitted this proposal to the Central Bank of Cyprus, which holds the gold. Under the terms of its bailout agreement, Cyprus is required to raise 400 million euros in the first quarter of 2014. However, officials from the Central Bank of Cyprus have stated that the bank's gold reserves, valued at approximately 441 million euros, are crucial for defending the independence of the central bank, and therefore the bank does not intend to sell them.