Cyprus financial literacy committee charts next steps in debut meeting

The Cyprus Committee of Financial Literacy and Education convened for the first time at the Central Bank of Cyprus (CBC) on Tuesday, December 5, according to a statement released on Wednesday.

The meeting was presided over by Constantinos Herodotou, governor of the Central Bank of Cyprus and president of the committee.

Moreover, the meeting featured prominent figures, including Makis Keravnos, Minister of Finance, Athena Michaelidou, Minister of Education, Sport and Youth, George Theocharides, Chairman of the Cyprus Securities and Exchange Commission (CySEC) and Chairman of the Risk Standing Committee (RSC), along with Elena Mina, representing the Insurance Companies Control Service.

The primary focus of the meeting was on discussions surrounding the establishment and operation of the committee, with a particular emphasis on the governance structure.

This encompassed considerations like the composition of the Board of Directors, staffing of other organisational levels such as the Coordination and Management Group, Scientific Advisory Committee, Stakeholder Group, and the creation of Thematic Working Groups.

What is more, the announcement noted that budgetary aspects were also thoroughly discussed.

The Committee for the Promotion of Financial Literacy and Financial Education in Cyprus, coordinated by the Central Bank of Cyprus, had previously developed the National Strategy Report.

This report, approved by the Council of Ministers, served as the foundation for guiding the committee’s upcoming initiatives.

The meeting concluded with discussions on the next steps, underscoring the resolution of pending issues related to the governance structure and budget.

These critical elements are essential for paving the way for the full-scale operation of the committee, which is poised to play a pivotal role in fostering financial literacy across Cyprus.

The National Strategy aims to generate new data through the committee, contributing to the reinforcement of financial literacy in Cyprus.

This initiative comes at a crucial juncture when an enhanced understanding of financial matters is deemed more vital than ever.

The next meeting of the Committee is scheduled for early 2024, marking a significant milestone in Cyprus’ commitment to elevating financial literacy and education nationwide.