Cyprus central bank told to dilute governor power

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The Central Bank of Cyprus should adopt a new governance structure that dilutes the power of its governor, according to an independent report released last week.

The report was compiled by the Independent Commission on the Future of the Cyprus Banking Sector, set up by the central bank in November to recommend how the finanical industry should change in the wake of its recent crisis.

One of its key recommendations aims to overhaul the structure of the central bank by establishing a new policy-se

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