Cyprus Central Bank in lost independence complaint

The Cypriot government is taking Central Bank head Panikos Dimitriadis to task for complaining to the Bloomberg agency, in an interview given on Friday, about the government’s decision to axe the post of his first deputy and sell off some of the country’s gold reserves.

He said these measures compromise the independence of the Central Bank.

On Saturday, the Moody’s agency downgraded its rating of Cyprus’s biggest private bank, Bank of Cyprus, to the default level.