Former Senior Banker Patsalides to Head Cyprus’s Central Bank

(Bloomberg) -- Former banking executive Christodoulos Patsalides will replace Constantinos Herodotou as governor of Cyprus’s central bank, according to a statement from the Cyprus President’s office.

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Patsalides, who’s been a special adviser on economic affairs to President Nikos Christodoulides since March 2023, will take over on April 11 when Herodotou’s term ends.

The appointment will see him become a member of the European Central Bank’s Governing Council, where Herodotou has been among the most dovish voices on the interest-rate-setting panel.

Patsalides, who’s held senior positions at Bank of Cyprus Pcl, will take up his role as officials in Frankfurt prepare to start unwinding the unprecedented bout of rate hikes deployed to tame the recent inflation shock. A first cut in the deposit rate from its current record high of 4% could come in June.

The appointment of Patsalides marks his return to the Cypriot central bank after almost three decades. He was an officer at the central lender’s international division from 1989 to 1996.

Patsalides has a PhD and a master’s degree in economics — both from the London School of Economics and Political Science.

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