Cyprus mulls gold reserves sale

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Cyprus said a sale of its gold reserves was among the options for its own contribution towards an international bailout, but said the ultimate responsibility for that rested with its central bank.

“The Cypriot government put various options forward, including this,” government spokesman Christos Stylianides said. “In its consultations on drafting the memorandum of understanding the Cypriot government included such options so we could have the possibility of meeting financing requirement.”

Earlier a central bank spokeswoman said the sale of gold reserves had to be approved by the board of the central bank.