Insider Economy Time for a new Central Bank Governor

Time for a new Central Bank Governor

The time of political decision-making has come now that a new Governor of the Central Bank of Cyprus is needed to succeed Chrystalla Giorkadzi. The Presidential Palace appears to be in no rush to announce the name of the new central banker. But with the arrival to Cyprus of President Nicos Anastasiades from his trip in Britain it is expected that the name of his preferred candidate will be announced.

The President had appointed Giorkadji back on March 11, 2014 and assumed her high-profile post as Governor on April 11, 2014. In the meantime, she was briefed by her predecessor, Panicos Demetriades, on the portfolio of issues she would undertake.

Speculation over possible candidates began since the beginning of the year, but the name of Takis Arapoglou is no longer in the race since he has been appointed as the new chairman of the board of Bank of Cyprus.

Other rumoured candidates include Constantinos Herodotou who is an  executive director of the Central Bank and the former Privatisation Commissioner. It is believed that Herodotou is backed by Finance Minister Harris Georgiades and that he is the favourite. But the President of the Republic has the final say.

Another rumoured name is that of Andreas Peristianis, a non-executive member of the board of directors of the Central Bank. As well as that of Cypriot Michalis Kolakides who was a former CEO of Piraeus Bank, executive vice president of the National Bank of Greece and currently the financial director of Titan Group. Among the list of possible candidates is also Emilios Kyriakou, managing director of Citibank, Greece.

The search for a new Governor is both within the boundaries of Cyprus and abroad and it is well known that the President has exchanged views on this with a number of people, both in political and business circles, in a bid to get an overall perspective. What is leaked from the Presidential Palace is that the new central banker – in addition to academic studies and degrees – must also have knowledge of the banking system, that is, how a bank operates.

An equally important qualification for the new Governor is that he/she  can have an equal standing with counterparts at the European Central Bank. The main role of a national central bank, afterall, is to maintain financial stability rather than the direct supervision of banks.

Following the accession of Cyprus to the Eurozone, the Central Bank of Cyprus is a branch of the European Central Bank. The new Governor will be called upon to confront different challenges for each banking institution, with a focus on the consolidation of balance sheets. As well as on the capital requirements set for each institution by the Single Supervisory Mechanism and the recommendations that come with it.

Read more:

https://in-cyprus.com/central-bank-issues-two-licences-to-sedipes/

 

Top Stories

Coronavirus: 109 new cases, two deaths on Tuesday

The Health Ministry on Tuesday announced the death of two people in Cyprus due to Covid-19. This raises the Mediterranean island’s death toll from the...

Health Minister to announce process of covid measures relaxation on Wednesday

Health Minister Constantinos Ioannou on Wednesday will announce the way the strict coronavirus measures now in effect in Cyprus will be gradually relaxed after...

Scientists in Greece find 20 million year-old petrified tree

Greek scientists on the volcanic island of Lesbos say they have found a rare fossilized tree whose branches and roots are still intact after...

Turkey bans parties at ski resorts after Covid curfew backlash

Turkey has banned music and parties at ski resorts after footage of crowded party scenes provoked anger in a country which has endured two months...

EMGF Agreement set to be ratified on Thursday

The House Foreign Affairs Committee on Tuesday decided to speed up the ratification of the Intergovernmental Agreement on the Statute of the East Mediterranean...

Taste

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...

Mezedes

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...