Central Bank Governor Panicos Demetriades resigned on Monday after two turbulent years in office, which also saw the launch of an investigation into his dealings with a consultancy firm.
An official statement said Demetriades’ resignation has been accepted by President Nicos Anastasiades.
Demetriades handed his resignation to Finance Minister Harris Georgiades in Brussels on Monday, in the presence of a European Central Bank (ECB) representative.
Both Cypriot officials were in Brussels for a Eurogroup meeting.
According to the president’s office, Mr Anastasiades thanked him “for his contribution in the great effort that has been undertaken over the past year to rescue the country from bankruptcy and to stabilise the financial sector”.
On Monday, the ECB said it took note of the resignation.
“The ECB takes note of the resignation of Panicos Demetriades who has been the governor of the Central Bank of Cyprus through very difficult times and played an important role in the implementation of the adjustment programme,” an ECB spokesman said. “We count on a fruitful cooperation with his successor.”
State radio said Mr Demetriades in his resignation letter cited “personal, family and difficulties in working with the central bank board” as reasons for stepping down, after several months of having refused to quit.
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