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This is an interesting question. My first impression is that there isn't such a term known as "央行长". But after doing a quick search on Google, I realize that there are people who actually use such a term though it isn't that widely accepted. Let's take a look at the search results from a few similar terms before making a conclusion: 国防部部长 (11,500,000) vs ...

“央行” is short for “中央银行”，which means "central bank". It is an organization to regulate the banking industry. "行长"(head) is a title. You can't ommit the second 行 just because there are two 行. Actually, there isn't such a word "央行长". PS: an interesting(just I think) supplement on the character 行. "行" has two pronunciations and several different meanings for ...