Christodoulos Patsalides has "all the necessary skills" to succeed in his "extremely demanding mission" as Governor of the Central Bank of Cyprus (CBC), President of the Republic Nikos Christodoulides said during a ceremony on Tuesday at the Presidential Palace where the new Governor was sworn in.

"You have vision, you have a plan, academic and professional experience and most importantly for me, you have ethics and integrity," President Christodoulides stressed addressing Patsalides.

He said the new Governor is "called upon to succeed in the extremely complex and difficult task of effective supervision and safeguarding financial stability under conditions that ensure an effective framework for bank financing for the benefit of the economy and society in general, always within the framework of the ECB's guidelines and directives."

You are invited, he continued, to proceed with the implementation of a new corporate governance model at the Central Bank of Cyprus on the basis of the plan prepared with the cooperation of the IMF and the ECB at the end of 2018.

In his response, Patsalides assured the President of the Republic that he will work to upgrade the governance of the CBC, "seeking to strengthen the role of the Board of Directors and the control and risk management units on the basis of the studies you have mentioned."

He also said that as Governor of the CBC he will seek to safeguard the financial system and thus the resilience of the economy with a human approach.

Patsalides also said that together with the board of the CBC, "I intend to contribute in the most constructive way to the conduct of monetary policy by utilising the human resources of the CBC and the research and academic projects of our country".

The President of the Republic expressed his thanks and appreciation for the important work done by outgoing Governor Constantinos Herodotou at the CBC and the Governing Council of the ECB.