The Central Bank of Cyprus (CBC) has unveiled a new strategic framework for 2025-2026, built upon three pillars comprising specific actions aimed at institutional evolution, operational efficiency and modernisation.
Central Bank Governor Christodoulos Patsalides, speaking at the “Credit Risk Management Conference – ESG Impact on Credit Risk: Navigating Through Challenges”, emphasised that rapidly changing economic, social, technological and geopolitical conditions, alongside climate change, have driven new policy initiatives at the European Central Bank.
He stated the CBC must transform swiftly to meet contemporary demands for the benefit of both Cyprus’s economy and the European community.
The strategy encompasses 76 distinct actions, each assigned a project manager and implementation timeline. Of these, 33 actions are scheduled for completion by end-2024.
The strategic plan indicates that 20 actions will be completed in the first half of 2025, with an additional three by year-end.
The remaining 20 actions, requiring longer implementation periods, are set to commence in 2025.
The strategy’s three main pillars are:
“Fix the Bank”, focusing on organisational restructuring to enable more integrated and efficient responses to the CBC’s mission.
This includes strengthening risk management, compliance and internal controls, whilst updating business continuity and recovery plans.
The pillar also addresses human resources and IT infrastructure improvements, alongside building renovations and energy efficiency upgrades.
“Run the Bank”, emphasising development of targeted supervisory strategies across all areas of responsibility, including staffing, climate change initiatives, green transition and environmental education.
This pillar also includes establishing a procurement unit and managing Cyprus’s EU Council presidency obligations.
“Change the Bank”, concentrating on governance modernisation, excellence in human resources, IT strategy implementation, and enhancing CBC’s influence in its areas of competence, whilst focusing on social and environmental responsibility.
