Nicosia: The Central Bank of Cyprus (CBC) underscores its dedication to fostering a financial environment that prioritizes citizen-consumers and serves the common good, as noted in a statement issued for World Consumer Day.
According to Cyprus News Agency, the CBC’s strategy for 2025-2026 emphasizes placing citizens at the forefront, aiming to become a leading institution in service provision. The CBC’s initiatives benefit citizen-consumers directly and indirectly by educating and informing them for better financial management. The CBC’s significant role in promoting Financial Literacy in Cyprus is highlighted by its leadership and coordination of the Cyprus Financial Literacy and Education Committee.
In July 2024, the CBC began monthly publications of deposit and lending rates by bank, enhancing transparency and enabling citizens to compare average rates offered, thereby encouraging competition and informed decision-making. The CBC’s Code of Conduct Guide, mandatory for credit institutions and management companies, helps borrowers understand their rights and obligations regarding mortgage payments.
Furthermore, the CBC advocates for the ‘basic account’ as a crucial tool for consumers, providing access to essential banking services at minimal fees. By the end of 2024, over 113,000 consumers utilized this option, a significant increase from 37,000 in 2021.
World Consumer Day 2025 focuses on fair transitions and sustainable lifestyles, with climate change risk management being a priority for the CBC and the ECB’s Single Supervisory Mechanism. The CBC has included sustainable investment practices in its Investment Policy, such as increasing investments in green bonds. The CBC and ECB have also instructed banks to enhance their resilience to climate and environmental risks, the statement concludes.