President Nikos Christodoulides on Thursday stressed the need to take measures against financial illiteracy within society, underlining the need for collective action to tackle the issue.

Speaking at the Presidential Palace during the receipt of the Capital Markets Commission’s annual report for 2022 from its president George Theocharides and vice president George Karatzi, Christodoulides said plans have been set for a series of measures in 2024 in collaboration with the Central Bank and the finance ministry.

The president underlined “the pivotal role of financial authorities in Cyprus” and advocated for a unified supervisory mechanism within the country.

“The role you play is crucial, not only for attracting quality investments to Cyprus, a common goal, but also for ensuring the credibility and reputation of our country,” Christodoulides told Theocharides and Katatzi, positioning 2024 as a pivotal year for the country’s rebranding efforts, emphasising Cyprus’ financial credibility internationally.

Acknowledging the urgency of addressing financial illiteracy, Christodoulides outlined plans for coordinated actions in conjunction with the Central Bank and the finance ministry. He announced the hosting of educational events at the Presidential Palace to progressively strengthen financial education starting from secondary school levels.

Christodoulides then assured the Capital Markets Commission of “the government’s unwavering government support to the institution” and vowed that his administration will respect the independence of its work.

Christodoulides’ meeting with the president and the vice president of the Capital Markets Commission came only two weeks after the first ever assembly of the Cyprus Committee of Financial Literacy and Education.

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

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

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

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.