One month shy of his two year anniversary, in April 2014, Panicos Demetriades the Governor of the Central Bank of Cyprus will resign his post amid challenges that had been previously voiced against the government.
Panicos Demetriades will be stepping down from his position as Governor of the Central Bank of Cyprus, as his letter of resignation has been accepted by the country's presidential office, Forex Magnates reports.
A spokesperson at the Central bank of Cyprus told Forex Magnates' reporters regarding the news, "We have not issued a statement, we are expecting the Governor to issue a statement himself."
The presidential palace confirmed the letter of resignation, via Brussels, and issued the following statement today:
The Governor of the Central Bank of Cyprus, Mr Panicos Demetriades, today submitted his resignation to the President of the Republic, Mr Nicos Anastasiades, and the resignation was accepted. According to Mr Demetriades’ contract, a month’s notice is required, and for that reason his resignation will be effective as of April 10, 2014. During this period, Mr Demetriades will deal with the pending issues before him and will brief his successor.
Mr Demetriades’ letter of resignation was handed today, in Brussels, to the Minister of Finance, Mr Harris Georgiades, in the presence of a European Central Bank representative.
The President of the Republic thanked Mr Demetriades for his contribution in the great effort that has been undertaken over the past year to rescue the country from bankruptcy and to stabilize the financial sector.
Mr. Demetriades has voiced concerns over a loss of independence that the central bank faced to a degree when Cyprus' bail-in caused a stir both in Europe, as well as for the country's residents to a much larger degree, around the time of the financial crisis that occurred in Cyprus to its banking industry.
With the effective date of his resignation being April 10th, 2014, the Governor having originally begun his position in May 2012, and thus will be just two years shy of having held the position.
According to Famagusta Gazette, a local publication in Cyprus, quoting a Reuters article from October 2013, Governor Demetriades had told the Financial Times (FT) that his challenging relationship with the country's President Nicos Anastasiades was “not a sustainable state of affairs,” yet insisted he wouldn't resign. “I don’t think that would be the right thing to do,” he said, as per the above mentioned quote to FT.
Cyprus remains an important jurisdiction for financial institutions including foreign Exchange and binary options brokers, as it is strategically located between Europe, the Middle East, Asia and Africa.
Forex Magnates will be co-organizing, along with Conversion Pros, the IFX EXPO Cyprus, this coming May, as international and domestic companies will meet in Cyprus at one of the largest B2B events for the foreign exchange and online brokerage industry.
In addition to the mostly Hellenic presence throughout the island that has persisted for over 3,000 years, despite numerous occupations, foreign rule and invasions, for the Cypriots, the nearly 40% Turkish side of the island towards the north creates a connection to Turkey which is also a place of interest for Foreign Exchange companies.
Not coincidentally, with regards to the interest in Turkey, Forex Magnates is hosting an event in Turkey in the coming weeks, as this region is of major interest to both domestic and international companies, and further information is available on the events section of the Forex Magnates' homepage.
Panicos Demetriades will be stepping down from his position as Governor of the Central Bank of Cyprus, as his letter of resignation has been accepted by the country's presidential office, Forex Magnates reports.
A spokesperson at the Central bank of Cyprus told Forex Magnates' reporters regarding the news, "We have not issued a statement, we are expecting the Governor to issue a statement himself."
The presidential palace confirmed the letter of resignation, via Brussels, and issued the following statement today:
The Governor of the Central Bank of Cyprus, Mr Panicos Demetriades, today submitted his resignation to the President of the Republic, Mr Nicos Anastasiades, and the resignation was accepted. According to Mr Demetriades’ contract, a month’s notice is required, and for that reason his resignation will be effective as of April 10, 2014. During this period, Mr Demetriades will deal with the pending issues before him and will brief his successor.
Mr Demetriades’ letter of resignation was handed today, in Brussels, to the Minister of Finance, Mr Harris Georgiades, in the presence of a European Central Bank representative.
The President of the Republic thanked Mr Demetriades for his contribution in the great effort that has been undertaken over the past year to rescue the country from bankruptcy and to stabilize the financial sector.
Mr. Demetriades has voiced concerns over a loss of independence that the central bank faced to a degree when Cyprus' bail-in caused a stir both in Europe, as well as for the country's residents to a much larger degree, around the time of the financial crisis that occurred in Cyprus to its banking industry.
With the effective date of his resignation being April 10th, 2014, the Governor having originally begun his position in May 2012, and thus will be just two years shy of having held the position.
According to Famagusta Gazette, a local publication in Cyprus, quoting a Reuters article from October 2013, Governor Demetriades had told the Financial Times (FT) that his challenging relationship with the country's President Nicos Anastasiades was “not a sustainable state of affairs,” yet insisted he wouldn't resign. “I don’t think that would be the right thing to do,” he said, as per the above mentioned quote to FT.
Cyprus remains an important jurisdiction for financial institutions including foreign Exchange and binary options brokers, as it is strategically located between Europe, the Middle East, Asia and Africa.
Forex Magnates will be co-organizing, along with Conversion Pros, the IFX EXPO Cyprus, this coming May, as international and domestic companies will meet in Cyprus at one of the largest B2B events for the foreign exchange and online brokerage industry.
In addition to the mostly Hellenic presence throughout the island that has persisted for over 3,000 years, despite numerous occupations, foreign rule and invasions, for the Cypriots, the nearly 40% Turkish side of the island towards the north creates a connection to Turkey which is also a place of interest for Foreign Exchange companies.
Not coincidentally, with regards to the interest in Turkey, Forex Magnates is hosting an event in Turkey in the coming weeks, as this region is of major interest to both domestic and international companies, and further information is available on the events section of the Forex Magnates' homepage.
XTB Reports Strong Q1 Results: Revenue Up as Active Clients Soar 45%
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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