Cyprus central bank pay freeze passes ECB scrutiny

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The European Central Bank (ECB) has said a plan to implement a public sector wage freeze in Cyprus that may influence pay at the central bank does not threaten the institution's independence.

The opinion, which was agreed by the Governing Council on January 4 and announced on January 27, will mean employees at the Central Bank of Cyprus could see their salaries frozen until 2013. The central bank could not be reached for comment, however, according to the ECB it has not objected to the draft law

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