Concluding remarks  3/5  BIS - Central bankers' speeches  Let me conclude by reiterating that this Conference is a milestone event and sets the pace for a new era in Cyprus. An era whereby all efforts for the promotion of financial literacy and education in Cyprus are coordinated under the National Strategy umbrella, so as to enhance the well-being and prosperity of Cypriot citizens and to support the financial resilience and sustainable economic growth in the country. As Governor of the Central Bank of Cyprus my promise is to assist the new permanent Committee's role in implementing the National Strategy, as we also ensured that the CBC prioritises and leads this initiative since the very first establishment of the committee in December 2020. In this Conference, we brought together a top-notch group of experts from both Cyprus and abroad, that can exchange expert views and share with us their knowledge on best practices from other countries' experiences. I would like to mention by [surname] alphabetical order, Professor Panayiotis Andreou from the Cyprus University of Technology, Dr Sophia Anyfantaki from the Bank of Greece, Professor Adele Atkinson from the University of Birmingham, Dr Maria Demertzis from Bruegel, Professor Michael Haliassos from Goethe University Frankfurt, Professor Alexander Michaelides from Imperial College London, Professor Andreas Milidonis from the University of Cyprus, Dr Elena Miteva from the Organisation of Economic Co-operation and Development (OECD), Professor Dennis Philip from Durham University and Dr Ernesto Villanueva from the Bank of Spain. We are very appreciative and grateful for their participation.

Constantinos Herodotou: Financial literacy and education in Cyprus challenges, lessons from other countries and the way forward Welcome address by Mr Constantinos Herodotou, Governor of the Central Bank of Cyprus, at the International Conference on "Financial Literacy and Education in Cyprus: Challenges, lessons from other countries and the way forward", Limassol, 10 March 2023. *** Your Excellency member of the Parliament Dr Mavrides, Your Excellency Deputy Minister to the President Ms Piki, Dear guests, Ladies and Gentlemen, It is with great pleasure that I welcome you today to the Central Bank of Cyprus International Conference on Financial Literacy and Financial Education in Cyprus. This Conference is a landmark event for our country. It marks the beginning of coordinated and collective efforts to implement the National Strategy for the promotion of financial literacy and education in Cyprus. The National Strategy was adopted by the Council of Ministers last June, following a proposal by the competent Committee, which was headed and coordinated by the Central Bank of Cyprus. This Conference, with its many distinguished participants, highlights the importance of financial literacy for the wellbeing of our citizens, but also for the collective welfare in Cyprus. The Benefits of Financial Literacy – a global perspective At its core, financial literacy refers to the ability of individuals to understand and manage their finances prudently and effectively. It is about the knowledge and skills but also the behaviour and attitudes necessary for the individual to make prudent and informed decisions about financial matters, such as saving, investing and borrowing.