CyFLEC ready to implement National Strategy for Financial Literacy

The Cyprus Financial Literacy and Education Committee (CyFLEC) is ready to implement the National Strategy for Financial Literacy in Cyprus, following the completion of the discussion on issues related to the governance structure and the establishment of the Thematic Working Groups (TWGs), during the third CyFLEC Board of Directors meeting at the Central Bank of Cyprus.

According to a CBC statement, with the completion of all outstanding issues, a Memorandum of Understanding (MoU) was signed between the Authorities and members of the CyFLEC Board and came into effect on 17 June, 2024. In addition, views were provided on the next steps for the implementation of the National Strategy, aimed at strengthening Financial Literacy in Cyprus, and a specific work schedule was set.

According to the statement, at the next meeting of the Committee Board, the TWGs will present the progress of their work on the agreed deliverables, such as the current situation for each TWG, appropriate future actions and the development of a medium-term timetable.

As stated, CBC Governor and CyFLEC President Christodoulos Patsalides said that “strengthening financial literacy is one of our priorities, since only in this way our fellow citizens will learn to optimally manage their financial assets and better understand various financial risks, such as interest rate risks", adding that "we seek to implement this effort as envisaged in the National Strategy and through the full cooperation of all stakeholders for the benefit of our fellow citizens". 

It is added that after the meeting, the CBC welcomed the members of the ad-hoc Committee for the formulation of the National Strategy for Financial Literacy and Financial Education in Cyprus, as well as all the partners who helped the Committee to complete its work.

The ad hoc Committee was also supported by a five-member scientific team of Cypriot and foreign experts and was administratively and operationally supported by a team of CBC staff, the statement concludes.

(Source: CNA)