Central Bank of Cyprus head steps down

FXStreet (Łódź) - Central Bank of Cyprus Panicos Demetriades, who was also a member of the ECB Governing Council, submitted his resignation on Monday, effective from April 10, justifying his decision with his troublesome relation with the board of directors.

The central banker said he was leaving with a “clear conscience” and assured that the financial system in Cyprus was stable.

Cypriot President Nicos Anastasiades was already signaling in September last year that Demetriades should be replaced.