Dr Christodoulos Patsalides: A highly experienced banker at the helm of the CBC

Dr Christodoulos Patsalides has become the ninth Governor of the Central Bank of Cyprus (CBC), bringing with him a wealth of experience in the island’s banking and financial affairs.

Dr Patsalides has succeeded Constantinos Herodotou, who took over duties on 11 April 2019 and departed after a generally successful term.

The new Central Bank governor is highly knowledgeable of the financial and broader economic scene, and has even worked at the CBC in the past – from 1989 until 1996 in Management of External Public Debt and Foreign Exchange Reserves. He has also served as president of the Association of Cyprus Banks.

With a PHD in economics from the London School of Economics under his belt, Dr Patsalides has also worked at Bank of Cyprus (BoC), where he even served as first deputy CEO. He joined BoC in 1996, where he held a number of posts, including in the large enterprises division, the Foreign Exchange Management Department and private banking.

In his capacity as Director of the Financial Management Division, Dr Patsalides was responsible for the areas of Finance, Currency and Treasury Management, Investor Relations, Financial Research and Procurement.

He stepped down from the position of first deputy managing director and as a member of the Board of Directors of the Bank of Cyprus on 31 October 2020. He went on to provide consultancy services in banking and insurance, capital management and financial technology in Cyprus and abroad.

During the last presidential elections of 2023, and especially during the pre-election period, Dr Patsalides was the head of President Nikos Christodoulides' staff for economic matters. He was even rumoured at one point to be in the running for finance minister. He was appointed Special Adviser to the President on economic matters in March 2023, providing his services gratis.

Dr Patsalides is the ninth Governor of the CBC, following in the footsteps of:

• Constantinos Herodotou (April 2019-April 2024)
• Chrystalla Georghadji (April 2014- April 2019)
• Panicos Demetriades (May 2012 - April 2014)
• Athanasios Orphanides (May 2007 – May 2012)
• Christodoulos Christodoulou (May 2002 - April 2007)
• Afxentis Afxentiou (May 1982 - April 2002)
• Christakis Stefani (October 1965- April 1982)
• Charis Gavrielides (July 1963-October 1965)