One of the major issues in the referendum on the future of Cyprus held on April 27 was the future of the currency. There was uncertainty about the future status of the Cyprus pound in a federal state, and about the role of the central bank. Eventually, the governor, Christodoulos Christodoulou, felt compelled to speak out against the so-called Annan plan and to advise his countrymen to reject the plan, which they duly did. This was despite the fact that he recognised fully that the island should