During a ceremony at the Presidential Palace today, Christodoulos Patsalides was sworn in as the Governor of the Central Bank of Cyprus (CBC), a role President Nikos Christodoulides believes he is highly qualified for. The President highlighted Patsalides' extensive academic and professional background, emphasizing his ethics and integrity as key attributes for this "extremely demanding mission."

President Christodoulides pointed out the complex and challenging nature of the Governor's role, which involves effective supervision and ensuring financial stability. He stressed the importance of working within the framework of the European Central Bank's guidelines and directives, aiming to benefit both the economy and society.

The President also noted that Patsalides is expected to implement a new corporate governance model at the CBC. This plan, prepared in collaboration with the International Monetary Fund and the ECB at the end of 2018, aims to enhance the Bank's operations and oversight.

Responding to the President, Patsalides assured him of his commitment to elevate the governance of the CBC. He intends to strengthen the roles of the Board of Directors and the control and risk management units, based on the mentioned studies. Patsalides also emphasized his approach to safeguarding the financial system and the economy's resilience, which he described as having a human touch.

Furthermore, Patsalides stated his intention to contribute constructively to monetary policy, leveraging the CBC's human resources, and the research and academic projects within the country.

In conclusion, President Christodoulides expressed gratitude and appreciation for the significant contributions made by the outgoing Governor, Constantinos Herodotou, both at the CBC and the Governing Council of the ECB.