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CBC rejects unlawful appointment claims

Cyprus Central Bank Governor Panicos Demetriades

Central Bank (CBC) Governor Panicos Demetriades does not hold a paid position in any other organisation, the regulator said on Wednesday, as it rejected suggestions that his appointment was illegitimate because he kept his previous job.

The CBC said Demetriades was employed at the regulator on a full-time basis.

“He does not have a paid position in any other organisation and is not involved with any other job, profession, or enterprise,” a statement said.

Legal expert Achilleas Emilianides had suggested that Demetriades’ appointment was illegitimate because he still held his position as professor at the University of Leicester.

Emilianides cited an article in the law pertaining specifically to the governor of the Central Bank.

According to the law, the CBC governor is an “exclusively employed” worker and may not engage in “any other work, profession or business enterprise.”

Demetriades was professor of economics at the University of Leicester when he was approached for the Central Bank job.

He is still listed as a professor on the university’s website, which reads: “Professor Demetriades is currently on leave from from the University of Leicester in order to fulfill his new role as Governor of the Central Bank of Cyprus.”

On Wednesday, the CBC said the university had given Demetriades the option to return to the position he held after completing his term as governor.

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