Cyprus to privatize the Stock Exchange

The government will turn the state-controlled Cyprus Stock Exchange (CSE) into a company, as a first step towards privatization, Minister of Finance Kikis KAzamias has said.

''The Council of Ministers adopted yesterday the Finance Ministry's proposal that will proceed with the change in the law on the Stock Exchange,'' he said, adding that initially the state will be the sole shareholder but gradually the CSE will be privatized.

According to Kazamias, the CSE is the only state-controlled Bourse in Europe.

The Minister said that the Parliament approved the law creating a state-controlled CSE in the 90s as there were no safeguard clauses for its correct supervision.

''Today we have a supervising authority which performs its duties in an exemplary manner and we cannot be the pan-European exception,'' he went on to say.

Concluding, Kazamias said he will send letters notifying the CSE Chairman of the Board, its administration, as well as the staff unions of the government decision, adding the staff jobs will be secured.