Renos Skoufarides

Central Bank of Cyprus

The Central Bank of Cyprus (CBC), the central bank of the Republic of Cyprus, was established in 1963 as an autonomous institution. Today it is governed by the Central Bank of Cyprus Law, 2022, as amended, which ensures its independence as well as its compatibility with the relevant provisions of the Treaty establishing the European Community and the Statute of the European System of Central Banks and of the European Central Bank. The main functions of the CBC include: • implementing the European Central Bank's monetary policy decisions; • supervising banks; • safeguarding the stability of the financial system; • holding and managing the official international reserves; • promoting, regulating and overseeing the smooth operation of payment and settlement systems; • acting as banker for the Government of the Republic of Cyprus.