The new Governor of the Central Bank of Cyprus (CBC), Christakis Patsalides, informed on Wednesday the President of the Republic, Nikos Christodoulides, about the plans for the reorganisation of the Bank, in order to strengthen its governance, in their first meeting since the assumption of his duties, that took place at the Presidential Palace.

Following the meeting, Patsalides told the media that he briefed the President on matters that concerned the CBC and on the implementation of CBC's reform.

"As I said when I took office, the aim is to strengthen the governance of the institution and I am working towards that", he said. He noted that this will be done gradually and that a study will be carried out for this, which will also build on previous work done by the IMF and the Central Bank of Germany (Bundesbank). "Then we will proceed with the implementation", he added.

The new CBC Governor said "we need a new form of governance so that we can face the challenges", noting that there are many such challenges that have to do with geopolitical and other issues, such as climate change and other risks affecting the country and other Eurozone countries.