Cyprus’ Central Bank on Tuesday hailed the adoption by the Cabinet of the report of an ad hoc committee on financial literacy, saying that this is a step forward for the citizens’ financial well-being.

A press release says that the report was prepared under the coordination of the Central Bank and its adoption paves the way for actions and initiatives that will enhance knowledge and inform citizens on issues related to their financial well-being.

The report is the result of systematic research and evaluation of international practices, but mainly of effective cooperation between the members of the ad hoc Committee set up in December 2020, the press release further reads.

Central Bank Governor Constantinos Herodotou noted that knowledge of basic financial concepts is a necessary step to improve the financial well-being of citizens and the National Strategy provides the methodical approach to achieving this ambitious goal.