Addressing Financial Literacy Nationally
President Nikos Christodoulides of Cyprus has announced plans for a robust series of activities in 2024 aimed at improving financial literacy across the nation, in collaboration with the Central Bank and the Ministry of Finance. These efforts are part of a broader strategy to address the challenges of financial illiteracy, which the President emphasized as a significant societal issue. The campaign will include various educational events and activities, some of which will be hosted at the Presidential Palace, underscoring the government’s commitment to this cause.
Strategic Developments in Financial Supervision
During the presentation of the Cyprus Securities and Exchange Commission (CySEC)’s annual report for 2022, President Christodoulides highlighted the importance of enhancing Cyprus’s international credibility and the role of financial governance. He emphasized the need for a unified supervisory mechanism to bolster the country’s financial oversight capabilities. The upcoming year is deemed crucial for the “rebranding of our country,” aiming to enhance Cyprus’s stature on the global stage through strengthened financial regulations and literacy.
Enhancements in Financial Sector and Education
Dr. George Theocharides, President of CySEC, noted the growth and evolution in Cyprus’s investment and funds sectors, alongside emerging challenges such as the need for advanced technological tools for effective supervision. CySEC is prioritizing investor protection while supporting the healthy development of the financial services sector. This approach is aligned with Cyprus leading in Europe for its robust investment company sector and cross-border investment services, signaling a forward-moving financial landscape that also prioritizes addressing financial illiteracy comprehensively.