The CBC did not name which firm had won the competitive tender. In a statement, the BoD said it was confident that the reorganisation of the CBC was “more than necessary” as the basic organisational structure had not changed for decades, despite significant changes in mission and scope as a result of accession to the Eurosystem in 2008 and the Single Supervisory Mechanism in 2014.

Central bank governance has recently come under criticism and successive governors have frequently clashed with the BoD.

The statement said that the structure will facilitate quick decision-making and allow for the creation of new units that will help the effective participation of the CBC in pan-European institutions, while helping to address future challenges and neutralise risks.

Source: InCyprus