President Nikos Christodoulides has officially announced the appointment of Dr. Christodoulos Patsalides as the new Governor of the Central Bank of Cyprus.

According to the Presidential announcement, President Christodoulides, exercising his constitutional powers, decided on the appointment of Dr. Patsalides, succeeding Constantinos Herodotou as the head of the Central Bank.

Dr. Patsalides, appointed in March 2023 as a Special Advisor to the President on economic matters, brings extensive experience in high-level banking positions. His career includes significant tenure at the Central Bank of Cyprus and in the private sector. During 2018-2019, he served as Chairman of the Board of Directors of the Association of Cyprus Banks and left the private sector in October 2020. Following that, he provided consultancy services in Cyprus and abroad, specializing in banking and insurance operations, capital management, and financial technology.

An economist by profession, Dr. Patsalides holds a Doctorate (PhD Economics) from the London School of Economics, University of London (1989). He will assume his duties from April 11, taking over from the current Governor, Mr. Constantinos Herodotou.

President Christodoulides also expressed his gratitude to Mr. Herodotou for their collaboration and thanks him for his service during a critical period for the country's economy.

As reported by Brief, Dr. Patsalides is the son of the late Andreas Patsalides, who served as the governor of the Bank of Cyprus. Andreas Patsalides also held the position of Minister of Finance in the governments of Archbishop Makarios III in 1968, Spyros Kyprianou in 1977, and again in Kyprianou's 1978 government until October 31, 1979.