Cyprus · 60th anniversary of the founding of the Central Bank of Cyprus

Issue date2 Oct 2023

Total mintage412,000

EU maximum412,000

Editions4

Edge lettering2 ΕΥΡΩ 2 EURO × 2

InscriptionΚYΠΡΟΣ KIBRIS / 1963-2023 / 60 ΧΡOΝΙΑ ΑΠO ΤΗΝ IΔΡΥΣΗ ΤΗΣ ΚΕΝΤΡΙKHΣ ΤΡAΠΕΖΑΣ ΤΗΣ ΚYΠΡΟΥ

DesignerGeorgios Stamatopoulos

mintBank of Greece - Mint, Halandri

Issue occasion

The coin commemorates the 60th anniversary of the establishment of the Central Bank of Cyprus. The design depicts tools on a microchip as a symbol of the economic stability of the modern industrial and digital age, safeguarded by the central bank. It is complemented by the inscriptions “ΚYΠΡΟΣ KIBRIS”, “1963-2023” and “60 ΧΡOΝΙΑ ΑΠO ΤΗΝ IΔΡΥΣΗ ΤΗΣ ΚΕΝΤΡΙKHΣ ΤΡAΠΕΖΑΣ ΤΗΣ ΚYΠΡΟΥ”.

The design

The coin depicts tools on a microchip as a symbolic representation of the economic stability of the modern industrial and digital age, secured by the Central Bank of Cyprus since its foundation 60 years ago. The name of the issuing country, “ΚYΠΡΟΣ KIBRIS”, and the years “1963-2023” appear along the lower rim of the coin. The inscription “60 ΧΡOΝΙΑ ΑΠO ΤΗΝ IΔΡΥΣΗ ΤΗΣ ΚΕΝΤΡΙKHΣ ΤΡAΠΕΖΑΣ ΤΗΣ ΚYΠΡΟΥ” (60 years since the founding of the Central Bank of Cyprus) is engraved on the inner ring of the national side of the coin. The twelve stars of the European flag are depicted on the outer ring.

Background on the topic

The central bank was established in the early phase of the Republic of Cyprus, which had gained independence from British colonial rule in 1960. Before that, Cyprus’s monetary system was based on a Currency Board system. Such an institution issues banknotes and coins according to fixed reserve rules, but does not perform all the functions of a modern central bank. With the Central Bank Law of 1963, the new state received its own institution for monetary policy, currency issuance and banking supervision. At the same time, it assumed responsibility for administering the Cyprus pound.

The bank’s responsibilities changed with European integration. Cyprus joined the European Union in 2004 and the euro area on 1 January 2008. Since then, the Central Bank of Cyprus has been part of the Eurosystem. Fundamental monetary policy decisions are taken jointly by the Governing Council of the European Central Bank; the national central bank participates in their preparation and implementation. In addition, it deals with financial stability, payment systems, foreign exchange reserves, economic statistics and the supervision of credit institutions, among other matters. Within the framework of European banking supervision, it shares certain responsibilities with the European Central Bank.

Its role became particularly visible during the Cypriot banking and sovereign debt crisis. In 2013, the country received an international assistance programme. The banking sector was extensively restructured; Laiki Bank was wound down, while at Bank of Cyprus, large uninsured deposits were also used for recapitalisation. These experiences strengthened the focus on banking supervision, crisis preparedness and the stability of the financial system.

The coin depicts neither a historical person nor a specific building. Instead, the abstract design refers to the transformation from a traditional central bank focused on cash and national currency into an institution within a digitalised and European-interconnected financial system. The round anniversary provided an occasion to address this institutional development since the early years of the independent republic.