New Governor of the Central Bank of Cyprus (CBC), Panikos Demetriades, has expressed optimism that the current economic problems in Cyprus and abroad can be overcome.
He has also said that the Central Bank wants to bring back as soon as possible the stability of the financial system through the recovery of the investors' confidence in the banking system and the Cypriot economy.
In addition, Demetriades said that strengthening both the institution and the role of the Central Bank is a fundamental prerequisite to exit the economic crisis.
Addressing the personnel and the Board of Directors of the Central Bank, the new Governor thanked the President of the Republic for the confidence he has shown in him, by appointing him to this post, at a time when the Cypriot economy is going through difficult times and local banks operating in Greece are facing challenges.
Demetriades expressed his willingness to cooperate with the Ministry of Finance, the political parties as well as the economic and social partners to the best benefit of the economy and the public interest.
''It is well known that our current economic conditions – especially the situation of the banking system – are not the best, either in Cyprus or in the European Union. I would like, however, to pass a message of optimism,'' the new Governor stressed.
He expressed conviction that the current problems and obstacles could be overcome.
Demetriades referred to the ''important role of the Central Bank'' in addressing the current financial crisis.
''Our goal'' he stressed, ''should be to bring back as soon as possible the stability of the financial system through the recovery of the investors' confidence in the banking system and of the Cypriot economy in general, using all the tools we have available as the Central Bank.''
Addressing the personnel of the Central Bank, he said that in this effort everybody’s contribution is important, adding that ''every one of us has to play his or her specific role in an effort to overcome difficulties''.
Demetriades pledged to run the Central Bank based on the principles of good administration and good governance.
''Failure is not an option'', he underlined, saying that ''it would not only be a failure for us, but it would be a failure for the whole of Cyprus''.
He thanked former Governor Athanasios Orphanides for his work at the CBC, saying that the Bank owes a lot to Orphanides regarding ''the infrastructure that exists today at the CBC in relation to the monetary policy and the participation of Cyprus in the Eurosystem, which we joined during his term''.
He added that Orphanides, ''in his own way, has contributed greatly to the image we have abroad as an institution and as a country'' and wished him luck in the future.
