Cyprus Mail

Demetriades ‘always acted in country’s best interests’

Central Bank (CBC) Governor Panicos Demetriades, who resigned on Monday, said he had always acted with the country’s best interests in mind, aiming at ensuring the stability of the financial system.

In a statement issued on Tuesday, Demetriades said it was with mixed feelings he had submitted his resignation “mainly for personal and family reasons.

“It was a privilege to serve as Governor of the CBC. During my tenure my actions were always aimed at ensuring confidence and stability in our financial system and I always acted in the best interests of our country,” the outgoing governor said.

“Ι wish the CBC every success and I have every confidence that Cyprus will soon restore its financial strength,” he added, thanking staff for their support and contribution.

Demetriades handed his resignation to Finance Minister Harris Georgiades in Brussels on Monday, in the presence of a European Central Bank (ECB) representative.

President Nicos Anastasiades, who had been pressing for Demetriades’s departure ever since last year’s banking collapse and international bailout, accepted his resignation, an official statement said. Demetriades will work out his notice until April 10.

Anastasiades openly accused Demetriades of mishandling the island’s bailout by international lenders last March.

He was appointed in May 2012 for a five-year term by then president Demetris Christofias, a communist many blame for misguided policies which led Cyprus to near-economic collapse.

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