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18 June, 2019
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In search of a Central Banker

Reportedly Persianis and Erodotou do not meet the President's expectations


The President of the Republic has second thoughts about the position of the Central Banker.

According to Kathimerini the President seems to be particularly concerned about who will fill the vacancy following the departure of Chrystala Yiorkatzi in April. The finalists Konstantinos Erodotou and Andreas Persianis, ''do not fully meet his demands''.

There have been overtures to bankers mainly from abroad, but also from Cyprus. 

It is reported that the President wanted a foreign banker for the role, but the legislation does not allow such action. A change in legislation would delay the process excessively.

There are concerns because the salary for the position - albeit high - does not correspond to the salaries in the private sector in Cyprus, let alone in other countries.

Central Bank Governor Chrystalla Giorkatzi in 2017 was paid 152 thousand euros a year, while for 2016 it was 153 thousand euros.

Mrs. Giorkatzis' term expires in less than a month, on 11 April 2019. The European Central Bank must also approve the new appointee Governor.

Three other key posts will need to be filled. The position left vacant by the executive director Giorgos Syrichas, the position held until 20 days ago by Andreas Persianis (his term expired) and the position held by the Director of the Supervision Department, Yiagos Demetriou.

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