Cyprus will not sell its gold

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goldA Senior Official at the Central Bank (whom did not wish to be named) said that Cyprus does not plan to sell gold reserves to fund its €10 billion bailout. The reserve is valued at €441 million. He said that the Government would have to tell Troika selling the gold will not happen, by Troika, he was referring to the European Central Bank and the International Monetary Fund. The Cypriot Government had said sales would be considered however the Governor of the Central Bank would have the final say in such a sale. According to Finance Minister Harris Georgiades the decision to raise €400 million was taken by the Eurogroup. He was quoted as saying ‘I have contacted the Central Bank recently suggesting they examine alternatives, in any case the decisions and the responsibility belong to the Central Bank.’