New Central Bank Governor assumes duties

New Central Bank Governor Athanasios Orfanides expressed his determination to work consistently to achieve the aims of the Central Bank and assured that the institution will respond to the increased demands created with the forthcoming accession of Cyprus to the Eurozone.
Speaking during a ceremony where he officially undertook his duties from Christodoulos Christodoulou, the new Central Bank Governor said that his priorities are the smooth introduction of the Euro on the island, maintaining price stability, macroeconomic stability and a robust banking system.
Outgoing Governor Christodoulou described his successor as ”a gifted man with many virtues, qualifications and experience” and said he was certain that Orfanides will be able, with the help of the Central Bank staff, to “fulfill with success the hard work he is called to perform.”
He also said that he will continue to be actively involved and will contribute to the island with all the knowledge that he has.
Minister of Finance Michalis Sarris, who was also present at the ceremony, thanked Christodoulou for his long and substantial contribution.
Referring to Orfanides, Sarris said he was certain that he will prove, beyond any doubt, to be a competent technocrat.
In his speech, Orfanides said the foundations for achieving the Central Bank’s aims are strong, a fact that is mainly due to his predecessor.
“Our main aim is to maintain stability in prices,” Orfanides said, adding that this way “the monetary policy contributes in the long term to increasing productivity, the economic development and generally the island’s welfare.”
He also said that the Central Bank also aims at achieving macroeconomic stability and maintaining a robust banking system, which will contribute to the stability of the island’s economy.
Orfanides described the introduction of the Euro as an important step in completing the island’s unification with other EU states, pointing out that this will bring significant economic and political benefits to the island.