Central Bank of Cyprus (CBC) governor Christodoulos Patsalides this week met with President Nikos Christodoulides, in what was their first meeting since assuming the role, where he briefed him on an impending reorganisation aimed at bolstering the CBC’s governance.

Following the meeting at the Presidential Palace, Patsalides stated that he informed the president of matters concerning the CBC, including ongoing issues under consideration and the planned reorganisation.

“As I stated upon assuming my duties, the objective is to enhance the governance of this institution, and I am working towards that end,” he said.

He noted that this process would be gradual and preceded by a study, drawing on previous work conducted by the IMF and the Central Bank of Germany.

“Subsequently, we will proceed with their implementation,” he said.

According to the new governor, “a new form of governance is needed to address the challenges,” which, as he mentioned, are numerous, encompassing geopolitical matters as well as other issues such as climate change and other risks affecting Cyprus and other Eurozone countries.

When asked about potential appointees as executive directors of the CBC, he stated that “I have considered possibilities, but no discussions have taken place,” clarifying that the matter was not discussed during his meeting with President Christodoulides.