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September 16, 2021

Cyprus names new central bank chief

Chrystalla Georghadji will be the first woman to govern the central bank in Cyprus.

Cyprus’s president has appointed Chrystalla Georghadji, a long-serving government technocrat, to head the country’s central bank, the government said in a statement Tuesday, wsj.com informs. She replaces outgoing Governor Panicos Demetriades, who announced his resignation this week “mainly for personal and family reasons,” but whose two year tenure was marked by frequent spats between him and the center-right government of President Nicos Anastasiades. Georghadji, who was born in the now-Turkish occupied part of Cyprus in 1956, is the first woman to be appointed to the post of Cyprus central bank governor and will be one of the few women who have served on the European Central Bank’s governing council. An economist by training, Georghadji is currently Cyprus’s auditor general – where she is tasked with probing the use and misuse of government funds – a position she has held since December 1998.
The appointment of Chrystalla Georghadji will help heal a rift between the central lender and the government, a former governor at the bank said, according to bloomberg.com. Ex-Governor of Central Bank of Cyprus Chief Panicos Demetriades whose resignation is effective April 10, is leaving for personal and family reasons, according to a central bank statement today. Demetriades has said allegations of personal wrongdoing were part of a campaign to force him to step down and accused Anastasiades of undermining the bank’s independence.

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