Cyprus' central bank denies that it will sell its gold

Cyprus' central bank has denied plans to sell gold to finance the island's bailout. Draft documents posted by Financial Times journalists include the line:

29. Sale of excess gold reserves: The Cypriot authorities have committed to sell the excess amount of gold reserves owned by the Republic. This is estimated to generate one-off revenues to the state of EUR 0.4 bn via an extraordinary pay-out of central bank profits.

Our economics reporter Ben Southwood on the plans:

The document said Cyprus would get €10.6bn of its €23bn financing needs from winding down Laiki bank, €600m from higher corporation tax, €9bn from the Eurozone fund and €1bn from the International Monetary Fund.

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