Cyprus

2024 Cyprus Global Money Week

GMW NATIONAL COORDINATOR:

  • Central Bank of Cyprus (CBC)

PARTICIPATING ORGANISATIONS:

  • Chartered Financial Analysts Society Cyprus, Cyprus Securities and Exchange Commission, Cyprus University of Technology, Youth Board of Cyprus, Institute of Certified Public Accountants of Cyprus, Institute of Chartered Accountants (ICAEW) Cyprus, Junior Achievement Cyprus, Ministry of Finance, University of Cyprus, PwC Cyprus, Ministry of Education, Youth and Sports

TOTAL NUMBER OF PARTICIPATING ORGANISATIONS:

  • 12

NUMBER OF CHILDREN AND YOUNG PEOPLE REACHED DIRECTLY:

  • 25 000

NUMBER OF ADULTS REACHED DIRECTLY:

  • 4 000

NUMBER OF PEOPLE REACHED INDIRECTLY:

  • Not reported

During Global Money Week (GMW) 2024, Cyprus hosted a series of impactful activities aimed at promoting financial literacy. The Central Bank of Cyprus (CBC) held its second international conference on financial literacy, under the auspices of the President of the Republic of Cyprus. This event served as a platform for a vibrant exchange of knowledge and insights regarding financial literacy and digital financial literacy, both within Cyprus and worldwide. It provided an invaluable opportunity for experts to discuss current trends, challenges, and advancements in the field, emphasizing the increasing importance of digital financial literacy in today's digital era.

The CBC also released awareness and educational videos covering topics such as inflation and interest rates, digital financial literacy, protection against financial fraud, and the importance of budgeting. The educational videos were animated, while the awareness videos featured the President of the Republic of Cyprus and the CBC Governor.

Various stakeholders hosted lectures aimed at both young people and the general public. The Cyprus Securities and Exchange Commission (CySEC) organised a lecture for university students, delivered by the President of CySEC, underscoring the importance of making sound financial decisions. Similarly, CBC held educational sessions specifically for secondary school students at the central bank premises, emphasizing the value of financial literacy from a young age. Additionally, these students enjoyed guided tours of the Central Bank’s Monetary Museum.

As in previous years, the CBC, in collaboration with CySEC, the Ministry of Finance, and the Ministry of Education, Sports and Youth (MOESY), distributed informational material and posters to all high schools in Cyprus. The material included tips for protection against financial fraud.

Various organisations, including the CBC, CySEC, the Cyprus University of Technology (CUT), and the University of Cyprus (UCY), used websites and/or social media posts and articles in the press to raise public awareness for the importance of financial literacy.

CySEC published an investor's guide on the topic of online investments and the use of social media. CySEC also promoted a quiz on investment knowledge through social media. Additionally, CySEC officials and academics from UCY and CUT were hosted in TV shows to discuss the pressing need for increased financial literacy among the young and provided simple advice regarding financial planning.

The Economics Inspectorate of MOESY organised various activities for secondary school students. These activities included the presentation of short educational videos and student tours to local financial institutions. Students also participated in creative projects and competitions highlighting financial education matters.

Numerous associations, including the CFA Society Cyprus, CySEC, Junior Achievement Cyprus, the Institute of Chartered Accountants in England and Wales (ICAEW) in Cyprus, the Institute of Certified Public Accountants of Cyprus, and PricewaterhouseCoopers (PwC) Cyprus, organised lectures and online discussions in schools across the country. The sessions focused on financial literacy, personal financial management, and the risks associated with digital transactions and cryptocurrencies.

Finally, the Cyprus University of Technology (CUT) organised a National Competition for Lyceum students in collaboration with CBC, the Youth Board of Cyprus, and CySEC. The winners of the competition will participate in the 2024 International Economic Olympiad.


2023 Cyprus Global Money Week

GMW NATIONAL COORDINATOR:

  • Central Bank of Cyprus (CBC)

PARTICIPATING ORGANISATIONS:

  • Association of Cyprus Banks, Bank of Cyprus Cultural Foundation, Central Bank of Cyprus, Chartered Financial Analysts Society Cyprus, Cyprus Securities and Exchange Commission, Cyprus University of Technology, Financial Wellbeing Institute, Institute of Certified Public Accountants of Cyprus, Institute of Chartered Accountants (ICAEW) Cyprus, Junior Achievement Cyprus, Ministry of Finance, University of Cyprus, PwC Cyprus, Youth Board of Cyprus, Ministry of Education, Youth and Sports

TOTAL NUMBER OF PARTICIPATING ORGANISATIONS:

  • 15

NUMBER OF CHILDREN AND YOUNG PEOPLE REACHED DIRECTLY:

  • 23 000

NUMBER OF ADULTS REACHED DIRECTLY:

  • 1 400

NUMBER OF PEOPLE REACHED INDIRECTLY:

  • Not reported

During Global Money Week (GMW) 2023, a number of activities took place in Cyprus to promote financial literacy. The Central Bank of Cyprus (CBC) hosted a major international conference on financial literacy in Cyprus. This was the first international conference in Cyprus after the adoption of the National Strategy for Financial Literacy and Financial Education. The conference, brought together experts from both Cyprus and abroad, who exchanged views and shared their knowledge on the levels of financial literacy in Cyprus and around the world as well as best practices for the promotion of financial literacy stemming from other countries’ experiences. Various stakeholders organised lectures targeting younger individuals as well as the public. The CBC organised lectures for secondary school students. The lectures took place at the Central Bank’s amphitheatre and focused on the importance of financial education from an early age. Moreover, students had the opportunity to participate in tours at the Central Bank’s Monetary Museum. The Cyprus Securities and Exchange Commission (CySEC) organised a university lecture on the importance of building basic money management skills from an early age. The Financial Wellbeing Institute organised a series of online lectures aimed at raising public awareness on the effects of financial behaviour both on individual and collective wellbeing. The CBC in collaboration with CySEC, the Ministry of Finance (MoF) and the Ministry of Education, Sports and Youth (MOESY) prepared and distributed informational material and posters to all schools in Cyprus. The material included tips for proper financial planning and money management. Various organisations, including CBC, CySEC, the Cyprus University of Technology (CUT) and the University of Cyprus (UCY) used website and/or social media posts and press releases in order to raise public awareness on Global Money Week and the importance of financial literacy. Junior Achievement (JA) Cyprus and the Association of Cyprus Banks in association with MOESY organised an educational programme for sixth grade primary school students. The programme included interactive games aiming at helping children understand the importance of financial planning. Academics from UCY and members of the Chartered Financial Analyst (CFA) Society Cyprus published articles focusing on personal financial management and the importance of financial literacy, while CySEC published an investor's guide on the topic of protection against online fraud on its website. CySEC also promoted a quiz on investment knowledge through social media. Additionally, CySEC officials and academics from UCY were hosted in podcasts and TV shows to discuss the pressing need for increased financial literacy for the young and provided simple advices regarding financial planning. As in previous years, the Economics Inspectorate of MOESY organised various activities for secondary school students. Such activities included presentation of short educational videos, student tours to the Bank of Cyprus Museum of the History of Cypriot Coinage, the Cyprus Stock Exchange and other local financial institutions. Students also participated in creative projects and competitions highlighting financial education matters. Other associations, including the CFA Society Cyprus, JA Cyprus, Institute of Chartered Accountants in England and Wales (ICAEW) in Cyprus, the Institute of Certified Public Accountants of Cyprus and PricewaterhouseCoopers (PwC) Cyprus organised lectures and online discussions in various high schools all over the country. The sessions focused on financial literacy and personal financial management.




2022 Cyprus Global Money Week

GMW NATIONAL COORDINATOR:

  • Central Bank of Cyprus (CBC)

PARTICIPATING ORGANISATIONS:

  • Association of Cyprus Banks, Bank of Cyprus Cultural Foundation, Chartered Financial Analysts Society Cyprus, Cyprus Securities and Exchange Commission, Cyprus University of Technology, Financial Wellbeing Institute, Institute of Certified Public Accountants of Cyprus, Institute of Chartered Accountants (ICAEW) Cyprus, Junior Achievement Cyprus, Ministry of Finance, University of Cyprus, Youth Board of Cyprus, Ministry of Education, Culture, Youth and Sports

TOTAL NUMBER OF PARTICIPATING ORGANISATIONS:

  • 14

NUMBER OF CHILDREN AND YOUNG PEOPLE REACHED DIRECTLY:

  • 12,000

NUMBER OF ADULTS REACHED DIRECTLY:

  • 630

NUMBER OF PEOPLE REACHED INDIRECTLY:

  • Not reported

During Global Money Week 2022, the Central Bank of Cyprus (CBC) and the Bank of Greece co-organised an online panel discussion at which both Governors of the monetary authorities took part. The online discussion aimed towards raising awareness regarding the importance of financial literacy for children and youth. Moreover, the CBC in collaboration with the Ministry of Education, Culture, Youth and Sports (MOEC) organised lectures for secondary school students. The sessions took place at the Central Bank’s amphitheatre and focused on the importance of financial education from an early age. Furthermore, the CBC distributed informational material and posters regarding Global Money Week to MOEC and, via the specific Ministry, reached all lyceum schools and technical schools in Cyprus.

Throughout GMW2022, various organisations, including the CBC, the Cyprus Securities and Exchange Commission (CySEC), the Cyprus University of Technology (CUT) and the University of Cyprus used website and social media posts in order to raise public awareness on Global Money Week and the importance of financial literacy.

During GMW, CySEC published on their website two brief Investor Guides featuring easy-to-use and practical advice on investments. Additionally, CySEC announced an introduction to an annual award for the best postgraduate dissertation in fields associated with Economics and Finance.

The Cyprus University of Technology (CUT) and the Youth Board of Cyprus co-organised a round of six online lectures on "Personal Finance Management". These were free, open to the public and aimed towards enhancing young individuals’ understanding of key financial literacy concepts.

Similarly, the Financial Wellbeing Institute, in collaboration with MOEC, organised an online discussion on "Financial Literacy in Cyprus: The problem, the consequences and its treatment." Τhe main topics of the discussion focused on future challenges associated with financial literacy, as well as the role of financial literacy in the digital era. The main target audience for the initiative was secondary education teachers.

Furthermore, this year, secondary school students had the opportunity to participate in various activities related to financial education. Such activities included presentation of short educational videos, student tours to the Bank of Cyprus Museum of the History of Cypriot Coinage, the Cyprus Stock Exchange and other local financial institutions. Students also participated in creative projects and competitions highlighting financial education matters.

Finally, several associations, including the Association of Cyprus Banks, Chartered Financial Analyst (CFA) Society Cyprus, Junior Achievement Cyprus, Institute of Chartered Accountants in England and Wales (ICAEW) in Cyprus and the Institute of Certified Public Accountants of Cyprus, organised lectures and online discussions in various high schools all over the country. The sessions focused on financial literacy and personal financial management.


2019 Cyprus Global Money Week

LEADING ORGANISATIONS:

  • Bank of Cyprus Cultural Foundation

PARTICIPATING ORGANISATIONS:

  • Schools

NUMBER OF CHILDREN REACHED DIRECTLY:

  • 50

NUMBER OF PEOPLE REACHED INDIRECTLY:

  • Not reported

Bank of Cyprus Cultural Foundation
Once again, the Bank of Cyprus Cultural Foundation organised for children to participate in their educational programme, “Priceless: Coins and Other Values”, addressing students aged 13-15 years. The programme aimed to expand the concept of value and monetary worth. The project took place on the premises of the Museum of the History of Cypriot Coinage and included multiple museum education activities. Students examined ancient and contemporary coins and learnt about different kinds of values, the manner in which value is determined, and its relation to social, economic and political structures. The programme involved the use of different digital interactive technologies, to demonstrate various monetary concepts, such as conditions in which ancient coins were produced, and social processes through which coins are factored in the construction of collective identities. The programme focused on both the economic role of coins, their ideological significance and contribution to knowledge of social and historical processes.


2018 Cyprus Global Money Week

LEADING ORGANISATIONS:

  • Bank of Cyprus Cultural Foundation

PARTICIPATING ORGANISATIONS:

  • Aegean University
  • National Hellenic Research Foundation
  • Technological Education Institute of Piraeus
  • UCL Institute of Education

NUMBER OF CHILDREN REACHED DIRECTLY:

  • 50

NUMBER OF PEOPLE REACHED INDIRECTLY:

  • 3 000

Bank of Cyprus Cultural Foundation
The educational programme, “Priceless: Coins and Other Values” addressed students aged 13-15 and aimed to expand the concept of value in the sense of both monetary worth and principle by introducing children to the Numismatic Collection of the Bank of Cyprus Cultural Foundation. The project took place in the premises of the Museum of the History of Cypriot Coinage and included multiple museum education activities. Students were able to examine ancient and contemporary coins and to familiarize themselves with many different kinds of values, the manner in which value is determined and its relation to social, economic and political structures. The programme was specifically structured to have the students embark from contemporary reality, become intrigued and investigate everyday issues pertaining to the value attached to objects and situations and, more specifically, the relation of coins and money to value. One of the programme’s innovations is the introduction of the use of digital interactive technologies, employed to demonstrate various monetary concepts including:

  1. the conditions wherein ancient coins were produced;
  2. the complexity and dynamic character of their iconography;
  3. their multiple functions and;
  4. the composite social processes through which coins are factored in the construction of collective identities.

During the event, the museum’s educational programme sought to focus on both on the economic role of coins, their ideological significance and contribution to knowledge of social and historical processes.


2017 Cyprus Global Money Week

LEADING ORGANISATIONS:

PARTICIPATING ORGANISATIONS:

NUMBER OF CHILDREN REACHED DIRECTLY:

  • 50

On 28 March 2017, placed within the framework of Global Money Week, the Bank of Cyprus Cultural Foundation and the Cyprus Institute proudly introduced the Digital Library of Medieval Coins to the public in the Collection of the Cultural Foundation.

This digital platform allows for an interactive exploration of the coins in the Collection, by applying specialized imaging and analysis technologies, such as RTI (Reflectance Transformation Imaging) and Superzoom, that aim to bring forward and utilize the wealth of the Foundation’s Collection.

Featuring informative material, pictures, links and texts on the Collection’s medieval coins, the digital library stands out as an innovative, alternative educational programme in Cyprus. The library’s digital platform is based on the digital structure and functionality of “Dioptra”, the advanced Digital Database for Cypriot Culture.

Speakers of this event included Dr Nikolas Bakirtzis, Programme Coordinator of the the Cyprus Institute, Ms. Eleni Zapiti, Archaeologist and President of the International Committee of Money and Banking Museum and Mr. Andreas Pitsillides, President of the Cypriot Numismatic Society.


2016 Cyprus Global Money Week

LEADING ORGANISATIONS:

PARTICIPATING ORGANISATIONS:

DATE OF THE EVENT:

  • 14th - 20th of March

TOTAL NUMBER OF CHILDREN AND YOUTH ENGAGED:

  • 120

Throughout the year, the Museum of the History of Cypriot Coinage, part of the Bank of Cyprus Cultural Foundation, opens its doors to hundreds of students who are eager to learn about the history and the importance of money, both in Cyprus and globally. As Cyprus is comprised of a rich cultural heritage, this museum hosts an impressive collection with each coin having an explanation of measurements, weight and depicted icons. Throughout Global Money Week, Cypriot students had the chance to attend this Money Museum and to take part in interactive learning activities. Four sessions of the Educational Programme “Gods and Heroes” took place during Global Money Week where 120 pupils of the Primary Education participated. The students experienced an interactive introduction, followed by a visit into the museum, as well as the multimedia interactive touch-screen application “From the electrum to the euro”..

The 23 showcases of the museum consist of more than 500 coins. These are divided into nine chronological periods which trace Cyprus’ tumultuous history, beginning with the first coins minted on the island in the 6th century BC to the present day. The historical aspect was compiled in the ‘Gods and Heroes’ programme that ran throughout the Week. Mythology and heritage is drawn upon when comparing the ancient and modern coins by measuring the metal work, values, minting (stamp used) and the issuing authority. The programme further elaborated on the iconography and typology of coins through the attractive subject of Greek mythology and its symbolic importance on coins.

Other activities such as interactive exercises and art drawings challenged the newly acquired knowledge of the youth on the history of coins and their money know-how.

2015 Cyprus Global Money Week

PARTICIPANTS:

DATE OF THE EVENT:

  • 16th of March

NUMBER OF CHILDREN REACHED:

  • 80

On 16 March, Microsoft Cyprus hosted the first Global Money week initiative in Cyprus. Held at the MIC European University in Nicosia, 40 students from the American International School Cyprus (AISC) and 40 students from the Grammar School were invited to attend a presentation organised by Microsoft Cyprus on how to become responsible and skilled economic citizens.

Following a welcome note by the General Manager of Microsoft Cyprus, speakers from Microsoft Cyprus included the Small, Medium Solutions and Partners Manager, the Enterprise and Partners Group Manager, the CFO for Microsoft Cyprus, Malta, Bulgaria, Macedonia, and Kosovo, the Financial Controller for Cyprus and Malta, the Engagement Manager, the Academic Programme Manager, the Professional Development Manager, the Developer Experience Evangelist, the Anti-Piracy Manager, the Partner Account Manager, the Account Technology Strategist and the CSR Manager. Microsoft’s Interns from the Marketing and Communications and the Sales, Marketing and Services Group Departments also gave presentations about their experiences focusing on the Day in the Lives of Interns at Microsoft. The morning was rounded off by the The Head of Computer Science and Technologies & Professional Development at the Grammar School.

Each speaker gave a 10 minute intro about their current job, their chosen career paths, what they liked and disliked about the jobs, what led them there as well giving tips on the importance of becoming an independent economic citizen. Following the presentations, the students followed up with a multitude of curiosity driven questions. At the end of the morning, each student was given special gifts courtesy of Microsoft which included power banks, notebooks and pens and GMW T-shirts. The two schools also received smart phones to give away to their top students.