President Christodoulides hails financial progress with new CBC Governor

The appointment ceremony for the new governor of the Central Bank of Cyprus, Mr. Christodoulos Patsalides, occurred this morning at the Presidential Palace, with the President of the Republic, Mr. Nikos Christodoulides, in attendance.

During the ceremony, the President emphasized the importance of financial stability in fostering sustainable economic growth and enhancing the country's competitiveness. He outlined financial stability as a core component of the government's economic strategy, alongside fiscal responsibility and ongoing reforms.

The President highlighted achievements in the past year and outlined plans for implementing further actions outlined in the 2024 programming. Notably, Cyprus has achieved an investment-grade rating from all rating agencies and has surpassed the European average in macroeconomic performance.

In exercising his constitutional duties, the President appointed Mr. Christodoulos (Christakis) Patsalides as the new governor of the Central Bank of Cyprus. Mr. Patsalides is tasked with leading an organization crucial for the country's financial stability and economic progress. The President commended past joint efforts between the government and the central bank in reducing non-performing loans and strengthening the domestic financial system.

However, challenges remain, including the significant gap between borrowing and deposit rates in Cyprus, posing difficulties for businesses and households. Expectations are high for facilitating access to affordable funding, crucial for business expansion and household well-being.

Mr. Patsalides acknowledged the honor of his appointment and pledged to fulfill his obligations and responsibilities diligently. He praised the Cypriot economy's positive indicators, such as growth, decreased inflation, unemployment, and public debt, attributing these achievements to pillars of sustainable growth set by the government, including surplus budgets, financial stability, and reforms.