Cyprus Government Plans to Sell Some Gold Reserves

Trying to raise money for bailout

The Cypriot government plans to sell part of its gold reserves within the next months, a decision that needs to be approved by the country's central bank, Finance Minister Haris Georgiades said.

"The exact details of it will be formulated in due course primarily by the board of the central bank," Georgiades, 41, told Bloomberg TV's Ryan Chilcote in an interview in Nicosia. "Obviously it's a big decision.