Leicester Economics Professor appointed head of national bank
It was announced yesterday that Professor Panicos Demetriades, from our Department of Economics, has been appointed as the new Governor of the Central Bank of Cyprus (equivalent to the Governor of the Bank England). The island state is a member of the Eurozone but is facing financial problems that will make Professor Demetriades’ job a difficult one.
Speculation has been rife in recent weeks that current Central Bank Governor Athanasiois Orphanides was set to be replaced and Panicos was tipped by financial commentators as a front runner for the job. He will officially take up the post on Thursday 3 May.
Born in Cyprus, Panicos studied Economics at the University of Essex and took his PhD at Cambridge where he won the Stephenson Prize in Economics. He spent five years working for the Central Bank before an academic career that took him to Keele University, South Bank University and, since 2000, Leicester. He is Treasurer of the SSRC-funded inter-university Money, Macro and Finance Research Group.
According to a report in the Financial Times, Panicos’s first job will be to oversee the rescue of the country’s second largest lender, Cyprus Popular Bank, which is seeking a capital injection of €1.5bn.
Everyone at Leicester sends Panicos congratulations on this prestigious appointment and the best of luck in what will undoubtedly be a challenging role.