Cyprus refuses to sell gold

The Central Bank of Cyprus has rejected government calls to sell its remaining supplies of gold.

The central bank has said it will keep hold of the 14 tons-worth of gold that it now holds in case of a financial crisis or to aid the European Central Bank in covering possible losses.

The central bank noted that it was allowed to reject Nicosia's calls given its power to decide both the level and management of its reserves. It added that its gold reserves were small relative to its assets and

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