Insider Economy New rumoured candidate for Central Bank Governor’s replacement

New rumoured candidate for Central Bank Governor’s replacement

The time for a political decision is close, considering that only 25 days are left before Governor of Central Bank of Cyprus Chrystalla Georghadji retires. However, the President of the Republic appears to be in no rush to announce the much-anticipated name of her successor, with insiders saying he is too busy with other issues at the moment.

At the same time, the list of candidates appears to be limited, while behind the scenes political moves over Georghadji’s replacement are not ruled out. However, a new name seems to have been added to the list over the past few days — that of George Syrihas who has served as an executive member of the Board of Directors of the supervisory body.

He was appointed there back in September 2013 and his term expired in September 2018. He had been a rumoured candidate for the position of the central banker once again in the past. And he is one of the CBC officers with inside knowledge of the state of play just before the 2013 collapse of the island’s banking system.

Up until last week, reliable information had incumbent Executive Director of the Central Bank and former Commissioner for Privatisation Constantinos Herodotou as favourite. He has vast experience in investment banking and the necessary political support for the appointment considering that Finance Minister Harris Georgiades and other political figures are reportedly behind him.

Another rumoured candidate is Andreas Peristianis who has served as a non-executive member of the Board of Directors. His term has just expired.

Another possible candidate was Greek banker Takis Arapoglou who has been ruled out since he has recently taken up the position of chairman of the Board of Bank of Cyprus. Emilios Kyriacou, Managing Director of Citibank Greece, is also on the rumoured list.

The Governor is expected to leave the crucial post in April after her term expires. Her appointment was announced on March 11, 2014 and she assumed duties on April 11, 2014. In addition to the new Governor, the government is also expected to decide on filling the posts of two remaining members of the Board – one executive and the second non-executive. Based on the annual report for 2017, the Governor’s fee was €152,000 yearly.


Read more:


Top Stories

Access to Troodos controlled by Police

The Police announced that on the basis of the Health Ministry decrees aiming to contain the outbreak of the pandemic, tomorrow Sunday, access to...

129 new cases, four deaths announced on Saturday

The Health Ministry announced the death of four persons due to COVID-19. This raises the death toll from the virus in Cyprus to 183,...

Crowding at Troodos; lots of fines by police

Lots of traffic was today seen at Troodos. In order to maintain order but also to monitor that people respected the measures aiming to...

Where to get antigen rapid tests on Sunday 24 January

The Health Ministry announced the following antigen rapid test sites for Sunday, 24 January 2021:   LIMASSOL Parking place Lidl supermarket, Limassol 08:30-16:30 Glafkos Clerides Park, Germasoyia 08:30-16:30 Municipal...

Larry King dies at 87

Larry King dies at 87. Photo taken at his concert at Hard Rock Live in Hollywood, Florida on January 25, 2012. (Reuters)


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...