Central Bank of Cyprus

Central Bank of Cyprus
Kεντρική Τράπεζα Κύπρου (Greek)
Kıbrıs Merkez Bankası (Turkish)
Logo of the Central Bank of Cyprus
Headquarters	Nicosia
Established	14 December 1963^[1]
President	Chrystalla Georghadji
Central bank of	Cyprus
Succeeded by	European Central Bank (2008)¹
Website	centralbank.gov.cy
¹ The Central Bank of Cyprus still exists but many functions have been taken over by the ECB.

The Central Bank of Cyprus (Greek: Kεντρική Τράπεζα της Κύπρου Turkish: Kıbrıs Merkez Bankası), is the central bank of the Republic of Cyprus, located in Nicosia. It was established in 1963. Its current governor is Chrystalla Georghadji^[2] The bank issued Cypriot pound banknotes and coins prior to 2008, when Cyprus adopted the euro.

History

Central bank of Cyprus headquarters in Nicosia

Central bank with Nicosia skyline

The Central Bank of Cyprus has its origins in the British Colonial Government of Cyprus, which established a Cyprus Currency Board in 1927. This followed on from the unilateral annexation of Cyprus by the British Empire in 1914, the Treaty of Lausanne, establishing the legality in international law of this British takeover, in 1923, and the full establishment of a colonial system of government in Cyprus, with the creation of a Legislative Council, in 1926.^[3]

The role of the Chairman of the Currency Board was held by the Accountant General, also known as the Auditor General, of the Government of Cyprus. The Board could issue notes and coins, initially denominated in the Cypriot pound, shillings and piastres, and later, following decimalization, in Cyprus pounds and mils.^[4] However, the local currency was pegged at one Cyprus pound to one pound sterling meaning ultimate fiscal control still rested with the Bank of England in London and the Government of the United Kingdom. This link was maintained by the requirement that for every Cyprus pound issued by the Currency Board in Cyprus, one pound sterling issued by the Bank of England had to be deposited by the Government of Cyprus with the Crown Agents in London.^[5]

With independence from Britain in 1960, Article 118 of the Constitution of the Republic of Cyprus, which came into force on the island on 1 April 1960, gave the President and Vice-President of Cyprus the right to establish a new central bank, called in the Constitution the 'Issuing Bank' and appoint its Governor. Article 119 sets out the responsibilities of the Governor and the Issuing Bank, Article 120 states that the Governor of the Issuing Bank shall abide by future relevant laws enacted by the Republic of Cyprus, and Article 121 gives the Government of the Republic of Cyprus the right to convert the Issuing Bank into a Central Bank if it wishes. In effect the Issuing Bank was a continuation of the former colonial Currency Board within the framework of the Constitution of the new Republic, but the Constitution gave the right to the Republic to convert it into a Central Bank if it chose to do so. A decision to do this was taken in 1963, and the Issuing Bank was replaced that year by the Central Bank of Cyprus.

Following the accession of the Republic of Cyprus to the European Union in 2004, the Central Bank of Cyprus became a member of the Eurozone group of central banks in 2008, when the island converted from using the Cyprus pound to the euro currency.

Role of the Governor of the Central Bank of Cyprus

The Governor of the Central Bank of Cyprus is the highest official in the Central Bank of Cyprus, and is appointed by the President of the Republic. The position was established in 1963 when the Central Bank of Cyprus was established. The convention is for the Governor to serve a term of five years, but this is renewable.

The Governor has the responsibility of chairing the meetings of the Central Bank's Governing Council and Board of Directors. He or she had the responsibility for setting the Central Bank's policy in relation to the Cypriot economy, but this responsibility passed to the President of the European Central Bank on 1 January 2008, which is also the date that Cyprus changed over to the euro from the Cypriot pound. The Governor is a member of the Governing Board of the European Central Bank.

List of Governors of the Central Bank of Cyprus

Chrystalla Georghadji (April 2014 - current)
Panicos O. Demetriades (May 2012 - April 2014)
Athanasios Orphanides (May 2007 – May 2012)
Christodoulos Christodoulou (May 2002 - May 2007)
Afxentis Afxentiou (May 1982 - April 2002)
Christakis Stephani (October 1965 - April 1982)
Charis Gavrielides (July 1963 - October 1965)

References

↑ Central Bank of Cyprus Law, 1963
↑ http://www.centralbank.gov.cy/nqcontent.cfm?a_id=13332&lang=en
↑ Wadan Narsey, British Imperialism and the Making of Colonial Currency Systems (London: Palgrave, 2016) p.159
↑ Kate Phylaktis, The Banking System of Cyprus: Past, Present and Future (London: Macmillan, 1995), p.42
↑ As required by Article 13 of the Currency Law (Cyprus) Cap. 197.

External links

Wikimedia Commons has media related to Central Bank of Cyprus.

Official website

Cyprus articles

History

Prehistoric	Alasiya Eteocypriot Cypro-Minoan syllabary Cypriot syllabary

Ancient	Neo-Assyrian Empire Ten city-kingdoms Achaemenid Persian Empire Ionian Revolt Ptolemaic dynasty Hellenistic civilization Kitos War

Medieval	Byzantine Empire Arab Empire Crusades Kingdom Venetian rule

Modern	Ottoman rule Cyprus Convention British Cyprus Post-1878 overview Enosis Taksim Intercommunal violence Akrotiri and Dhekelia Turkish invasion Refugees Cyprus dispute Cyprus Missile Crisis Annan Plan EU accession

Geography

Politics

Economy

Society

Languages Education Health Public holidays Religion

Culture	Art Cinema Cuisine Literature Media Music Sport

Demographics	Greeks diaspora Greek Cypriots left in Northern Cyprus Turks diaspora Migrants from Turkey in Northern Cyprus Armenians Maronites

Symbols	Anthem Coat of arms Flag

Outline
Index

Category
Portal

Central banks of the European Union

Within Eurozone	National Bank of Austria National Bank of Belgium Central Bank of Cyprus Bank of Estonia Bank of Finland Banque de France Deutsche Bundesbank Bank of Greece Central Bank of Ireland Banca d'Italia National Bank of Latvia Bank of Lithuania Central Bank of Luxembourg Central Bank of Malta De Nederlandsche Bank Banco de Portugal National Bank of Slovakia Bank of Slovenia Bank of Spain

Outside Eurozone	Bulgarian National Bank Croatian National Bank Czech National Bank Danmarks Nationalbank Hungarian National Bank National Bank of Poland National Bank of Romania Sveriges Riksbank Bank of England

Banking-related EU institutions	European Central Bank European System of Central Banks European Investment Bank

Central banks European Union

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib (Morocco) Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of Guatemala Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of the Uruguay Central Bank of Venezuela

Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Brunei Currency and Monetary Board Autoriti Monetari Brunei Darussalam National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Saudi Arabian Monetary Agency Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Central Bank of Turkmenistan Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam Central Bank of Yemen

Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank (Denmark) Deutsche Bundesbank (Germany) Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia National Bank of Serbia National Bank of Slovakia Bank of Slovenia Gosbank (Soviet Union) Bank of Spain Swedish National Bank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga Reserve Bank of Vanuatu

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of Asia-Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Coordinates: 35°09′20″N 33°22′14″E / 35.15556°N 33.37056°E / 35.15556; 33.37056

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Central Bank of Cyprus

History

Role of the Governor of the Central Bank of Cyprus

List of Governors of the Central Bank of Cyprus

See also

References

External links