Cyprus public debt to be managed by Fin Ministry

The Cyprus Finance Ministry has assumed responsibility for managing the country’s public debt following a decision by the cabinet, which effectively means the Central Bank of Cyprus has to relocate up to 15 staff to other duties.
The shiftover was based on relative legislation passed since 2002 but had not been put into practice pending the swift changeover and the introduction of the euro, which was successfully introduced from January 2008.
Central Bank officials nevertheless are worried that the government will proceed to strip them of more powers, with the first feared to be the supervision of the banks, which may end up under a new authority.