NICOSIA - Spyros Stavrinakis will take over his post as new Deputy Governor of Central Bank on Monday amid a barrage of protests from opposition parties who have described his appointment as ‘unconstitutional’.
The 63-year-old joined the Central Bank in 1978 but will now fill a position that had remained vacant since the 1960s when the Turkish Cypriot minority withdrew from government and Parliament following an uprising.
The position controls the licensing and regulation of international banks and financial institutions. The role also involves the promotion of the island as an international financial centre.