Central Bank of Cyprus
Encyclopedia
The Central Bank of Cyprus , is the central bank
of the Republic of Cyprus, located in Nicosia
. It was established in 1963. Its current governor is Mr. Athanasios Orphanides
. The bank issued Cypriot pound
banknote
s and coin
s prior to 2008, when Cyprus adopted the euro.
The Governor has the responsibility of chairing the meetings of the Central Bank's Governing Council
and Board of Directors
. He or she had the responsibility for setting the Central Bank's policy in relation to the Cypriot economy, but this responsibility passed to the President of the European Central Bank on 1 January 2008, which is also the date that Cyprus changed over to the Euro from the Cypriot pound
. The Governor is a member of the Governing Board of the European Central Bank.
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of the Republic of Cyprus, located in Nicosia
Nicosia
Nicosia from , known locally as Lefkosia , is the capital and largest city in Cyprus, as well as its main business center. Nicosia is the only divided capital in the world, with the southern and the northern portions divided by a Green Line...
. It was established in 1963. Its current governor is Mr. Athanasios Orphanides
Athanasios Orphanides
Athanasios Orphanides is a Cypriot economist who has been the Governor of the Central Bank of Cyprus since 3 May 2007 and a member of the Governing Council of the European Central Bank since 1 January 2008.Prior to his appointment as Governor, he served as Senior Adviser at the Board of...
. The bank issued Cypriot pound
Cypriot pound
The pound, also known as the lira , was the currency of Cyprus, including the Sovereign Base Areas in Akrotiri and Dhekelia, until 31 December 2007, when the Republic of Cyprus adopted the euro...
banknote
Banknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
s and coin
Coin
A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory....
s prior to 2008, when Cyprus adopted the euro.
Governor of the Central Bank of Cyprus
The Governor of the Central Bank of Cyprus is the highest official in the Central Bank of Cyprus. The position was established in 1963 when the Central Bank of Cyprus was established.The Governor has the responsibility of chairing the meetings of the Central Bank's Governing Council
Governing Council
A Governing Council is a council which is mandated by the apostolic constitution Anglicanorum Coetibus which was signed by Pope Benedict XVI on 4 November 2009 in order to help the ordinary run the personal ordinariate.The functions of the council are:...
and Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
. He or she had the responsibility for setting the Central Bank's policy in relation to the Cypriot economy, but this responsibility passed to the President of the European Central Bank on 1 January 2008, which is also the date that Cyprus changed over to the Euro from the Cypriot pound
Cypriot pound
The pound, also known as the lira , was the currency of Cyprus, including the Sovereign Base Areas in Akrotiri and Dhekelia, until 31 December 2007, when the Republic of Cyprus adopted the euro...
. The Governor is a member of the Governing Board of the European Central Bank.