Christakis Patsalidis, the new Governor of the Central Bank of Cyprus (CBC), informed President Nikos Christodoulides about the impending restructuring of the CBC aimed at enhancing its governance. This discussion occurred during their first meeting since Patsalidis took office, held at the Presidential Palace on Wednesday afternoon.

In his statement after the meeting, Governor Patsalidis shared that he briefed the President on the current issues concerning the CBC, ongoing projects, and the planned restructuring. "As I stated upon taking office, my goal is to strengthen the institution's governance, and I am actively working towards this direction," he remarked. He noted that the restructuring would be gradual, preceded by a comprehensive study incorporating previous work done by the IMF and the Central Bank of Germany. "We will then proceed with the implementation," he added.

According to the new Governor, "a new form of governance is needed to address the challenges ahead," which, as he emphasized, are numerous and include geopolitical issues, climate change, and other risks affecting Cyprus and other Eurozone countries.

When asked about potential Executive Board members for the CBC, he stated, "I have thoughts but have not had discussions," clarifying that this topic was not discussed during his meeting with President Christodoulides.