{"id":6074,"date":"2024-03-29T18:01:00","date_gmt":"2024-03-29T16:01:00","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=6074"},"modified":"2024-03-29T18:01:00","modified_gmt":"2024-03-29T16:01:00","slug":"financial-literacy-key-to-stability-and-growth-cbc-governor-says","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=6074","title":{"rendered":"Financial literacy key to stability and growth, CBC governor says"},"content":{"rendered":"
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\nCBC governor Constantinos Herodotou<\/strong> on Friday addressed the \u201cDigital Financial Literacy: the Way Forward<\/strong>\u201d conference, held by the Central Bank of Cyprus (CBC).<\/p>\n
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The conference aimed to explore the multifaceted dimensions of digital financial literacy, acknowledging both the challenges and opportunities arising from the increasing use of digital technologies in our daily lives.
\n\u201cFinancial literacy allows people to understand and effectively manage their finances<\/strong>,\u201d Herodotou emphasised.
\n\u201cIt enables budgeting, saving, proper investment, and responsible debt management, thereby protecting households from overindebtedness and improving their creditworthiness,\u201d he added.
\nHighlighting the broader economic impact, Herodotou said that \u201cfinancial literacy contributes to financial stability and sustainable growth\u201d.<\/strong>
\n\u201cIf people possess satisfactory financial literacy, the country can better withstand economic crises with fewer sacrifices. Additionally, it fosters innovation and entrepreneurship,\u201d he said.
\nThe CBC has actively promoted and enhanced financial literacy, both domestically and internationally.
\nThrough its membership in the Organisation for Economic Co-operation and Development (OECD) International Network on Financial Education since January 2023, Cyprus has leveraged global experiences and best practices to cultivate a financially informed population.
\nMoreover, the CBC spearheads the Cypriot Financial Literacy and Education Commission, established to implement the National Financial Literacy Promotion Strategy adopted by the Cabinet in June 2022.
\nIn light of the OECD\u2019s findings, Herodotou explained, Cyprus faces challenges in financial literacy, with scores lower than the OECD average.<\/strong>
\nNotably, Cyprus scored 56 per cent compared to the OECD\u2019s average of 60 per cent in overall financial literacy and 44 per cent in digital financial literacy, highlighting the pressing need for action.
\n\u201cThe increasing trend of digital transactions underscores the importance of deepening understanding of digital financial tools to mitigate financial exclusion risks,\u201d Herodotou noted.
\n\u201cIt allows people to conduct secure online transactions, enhances efficiency in personal financial management, and maintains competitiveness in an increasingly digital world,\u201d he added.\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Fact: CBC governor Constantinos Herodotou addressed the “Digital Financial Literacy: the Way Forward” conference, highlighting the importance of financial literacy in managing finances effectively and contributing to financial stability and sustainable 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