News Local Stavros Zenios resigned from CBC's Board

Stavros Zenios resigned from CBC's Board

Central Bank board non- executive member Stavros Zenios resigned on Friday

Stavros Zenios submitted to President Anastasiades his resignation from the Board of Central Bank of Cyprus.

Stavros Zenios’ position on the matter:
The former non –executive board member has stated: “I cannot stay an impassive member of an institution that functions in a sterile administrative way. The Central Bank of Cyprus should promote influencing decisions at local and European level that could lead the country out of the yoke of crisis.”

Sigmalive has also contacted with the non-executive Director of Central Bank, Philippos Mannari, and asked if he was going to follow Mr. Zenios’ steps. However, Mr. Mannaris made no reference at the moment. 

“Central Bank’s credibility acquires many sacrifices”
Stavros Zenios on his personal blog, despite of giving credit to his former CBC counterparts, he insists that Chrystalla Georghadji has to resign as soon as possible. He also places the responsibility on President Anastasiades and the Finance Minister, Xaris Georgiades, in terms of their choices.

In a desperate need of reforms:    
“I have suggested that Central Bank should take a college form of governance, with Executive Committee and full independence of non-executive Directors. Such forms occur in the Court of Directors of the Bank of England and the Executive Board of the German Bundesbank” Mr. Zenios stated.

Source: Sigmalive