The newly-established Cyprus Financial Literacy and Education Committee (CyFLEC) is set to implement the national strategy for enhancing financial literacy in Cyprus, according to an announcement released on Tuesday by the Central Bank of Cyprus (CBC).

This follows the completion of discussions on governance structure and the establishment of Thematic Working Groups (TWGs) during the committee’s third board meeting, held on Monday at the Central Bank of Cyprus building in Nicosia.

The CBC statement explained that with the resolution of all pending issues, a memorandum of cooperation was signed by the member authorities on the committee’s board, which came into effect on June 17, 2024.

Additionally, plans were outlined for the next steps in implementing the National Strategy, focusing on enhancing financial literacy in Cyprus. A detailed work schedule was also established to ensure systematic progress.

“The committee, now equipped with an approved budget, state support, and a defined governance structure based on best international practices, is ready to implement the national strategy in the best possible way,” the statement noted.

CBC financial literacy committee central bank cyprus

The meeting saw the participation of the governor of the Central Bank of Cyprus (CBC) and president of the committee Christodoulos Patsalides, the Minister of Education, Sports and Youth Athena Michaelidou, Avgi Lapathioti on behalf of the Finance Minister, the chairman of the Cyprus Securities and Exchange Commission (CySEC) George Theocharides, the Deputy Insurance Commissioner Constantinos Kalopsidiotis, and the Registrar of Occupational Retirement Benefit Funds, Nikos Koullapis, along with their associates.

At the next committee board meeting, the thematic working groups (TWGs) will present their progress on agreed deliverables, such as documenting the current situation for each group, proposing future actions, and developing a mid-term timetable.

“As I recently mentioned in a press conference, enhancing financial education is one of our priorities because only through this can our fellow citizens learn to optimally manage their financial assets and better understand various financial risks, such as interest rate risks,” CBC governor and committee president Christodoulos Patsalides said.

“Our aim is for this effort to be realised as outlined in the national strategy and through the excellent cooperation of all involved for the benefit of our fellow citizens,” he added.

Following the meeting, the CBC hosted a modest ceremony to honour the members of the ad-hoc committee responsible for developing the national strategy for financial literacy and education in Cyprus, as well as all collaborators who assisted the committee in completing its work, as a token of appreciation for their contributions to the effort.

The ad-hoc committee was also supported by a five-member scientific team of Cypriot and foreign experts, with administrative and operational support provided by a team from the CBC.