Cyprus and Ireland Central Banks Governors vow to enhance cooperation

The Governors of the Central Banks of Cyprus (CBC) and Ireland, Constantinos Herodotou and Gabriel Makhlouf, vowed to enhance cooperation between the two institutions during the latter's visit to the island this week.

A press release by the CBC, the two discussed economic developments and inflation in the euro area, shaped by the ever-evolving global economic landscape, and developments in the Middle East.

"The Governors shared insights, discussed economic scenarios, and exchanged ideas on potential solutions to mitigate economic challenges and fortify the resilience of their respective economies and banking sectors" the press release says.

Beyond the global macroeconomic concerns, the CBC added, both Governors emphasised the importance of enhancing cooperation and broadening the channels for the exchange of technical knowledge and expertise between the Central Bank of Ireland and the Central Bank of Cyprus and agreed in a way forward in this area.

In a statement, Herodotou said: "Our discussions were invaluable, providing us with new perspectives to address current challenges. We look forward to a deeper and mutually beneficial collaboration with the Central Bank of Ireland."

On his part, Governor Makhlouf said he was pleased to visit Cyprus and welcomed "our close relationship and I expect that to continue growing".

He also said he "particularly enjoyed meeting with students during my visit and hope that one day we welcome some of them as colleagues in the Central Bank of Ireland."

The Central Bank of Cyprus remains committed to fostering ties with its international counterparts through proactive dialogue, knowledge exchange, and international cooperation, the CBC concluded.

(Source: CNA)