ECB welcomes draft Cyprus law changing governance of central bank

Central Bank of Cyprus, Nicosia
The Central Bank of Cyprus
Photo: TourinNicosia/Wikimedia Commons

The European Central Bank generally welcomed a law drafted by the government of Cyprus aimed at reforming the governance of the country’s central bank.

The ECB said the law would strengthen the independence of senior decision-makers at the Central Bank of Cyprus, in its official opinion dated May 11. But the ECB advised the Cypriot government to resolve what it said were some ambiguities in the law’s provisions on the CBC’s reserves.

The draft law proposes establishing a new executive

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