Which central bank became the monetary authority of Cyprus when it was established in 1963?

The Central Bank of Cyprus became Cyprus’s monetary authority when it was established in 1963.

The bank was founded after the Republic of Cyprus became independent in 1960, creating a national institution for currency, reserves, banking oversight, and monetary administration. Its legal foundation dates to the Central Bank of Cyprus Law of 1963, and it began functioning as the country’s central bank soon afterward.

Cyprus joined the European Union in 2004 and adopted the euro in 2008. Since then, the Central Bank of Cyprus has participated in the Eurosystem, implementing euro-area monetary policy while continuing national responsibilities such as supervision and financial stability.

The Central Bank of Cyprus is distinct from Bank of Cyprus, a commercial bank founded in 1899. The latter serves customers and businesses; the former is the public institution responsible for central banking.