Background & Governance

1. Development of the National Strategy

In December 2020, following a recommendation by the Parliamentary Education Committee, an Ad-Hoc Committee was established to formulate a National Strategy for the promotion of financial literacy and education in Cyprus. This committee was chaired and coordinated by the Central Bank of Cyprus and included representatives from the Ministry of Finance, the Ministry of Education, Sports and Youth, the Cyprus Securities and Exchange Commission (CySEC), as well as two academic experts from the University of Cyprus and the Cyprus University of Technology. The committee also benefited from the contributions of external scientific professionals with extensive experience in financial education.

2. Establishment and Role of CyFLEC

To oversee the implementation of the strategy, the Cyprus Financial Literacy and Education Committee (CyFLEC) was established. CyFLEC operates under the guidance of a Governing Board composed of:

Governor of the Central Bank of Cyprus (Chairman)
Minister of Finance
Minister of Education, Sports and Youth
Chairman of the Cyprus Securities and Exchange Commission
Superintendent of Insurance
Registrar of Institutions for Occupational Pensions Provisions

CyFLEC is responsible for coordinating and implementing initiatives aimed at enhancing financial literacy across all segments of Cypriot society, in line with the objectives set out in the National Strategy.

					On 28 June 2022, the Council of Ministers officially approved the National Strategy, based on the proposal prepared by the Ad-Hoc Committee and submitted by the Ministry of Finance and the Ministry of Education, Sports and Youth.
				

The strategy was largely informed by the results of a 2018 financial literacy survey conducted by the Central Bank of Cyprus, which highlighted the need for a coordinated national approach to financial education.