With great joy and pride, the Department of Finance, Accounting, and Management Science (FAMS) of the School of Management and Economics at the Cyprus University of Technology (CUT) announces a significant achievement for our country at the 2024 International Economics Olympiad. The event, which took place from July 22 to 31, 2024, in Hong Kong, marked Cyprus’s first participation in this prestigious international competition focused on financial literacy.
The selection of the Cypriot delegation was carried out through a national competition organized by the Department of FAMS, under the guidance of Dr. Panayiotis C. Andreou, Associate Professor of Finance. This initiative is one of the most important actions taken by the Department since 2016, when CUT recognized the need to strengthen financial literacy in our country.
The Cypriot team demonstrated excellence, winning three (3) bronze medals among 267 participants from 50 countries, enhancing Cyprus’s international reputation.
The five students who represented Cyprus at the International Economics Olympiad ranked as follows:
– Neil Lashchanka from IMS Private School (bronze medal)
– Andreas Panayiotou from Kykkos Paphos High School (bronze medal)
– Ekaterina Mikhaylova from IMS Private School (bronze medal)
– Chrysostomos Papamiltiadous from Giannakis Taliotis Yeroskipou High School
– Nikiforos Katsouras from Archbishop Makarios III High School in Dasoupoli
The experience of the Cypriot delegation extended beyond the competitive activities. The students had the opportunity to participate in cultural events, explore the sights of Hong Kong, and learn about new cultures. This unique experience provided them with valuable knowledge and personal development, enhancing their skills in finance, economics, entrepreneurship, and essential tools for their future growth.
As Dr. Panayiotis C. Andreou emphasizes, “Our participation in the International Economics Olympiad highlights the critical importance of financial education in our country and strengthens financial literacy for our youth.” Dr. Andreou adds that “CUT has placed the enhancement of financial literacy at the center of its actions, leading efforts to systematically promote financial education.” Since 2016, CUT has conducted a series of important scientific studies and implemented initiatives that have significantly contributed to the introduction of financial literacy courses in the third grade of Gymnasium, which was recently approved by the Council of Ministers and will begin to be offered from September. Our participation in top international competitions, such as the Economics Olympiad, provides the momentum for bringing about transformative changes, especially for high school students, who, according to a CUT study in collaboration with the Cyprus Youth Board, show significant lag in this area.
The Department of FAMS extends its warm thanks to the Bank of Cyprus and the Yianis Christodoulou Foundation, who were the main sponsors of the delegation to Hong Kong, as well as to other organizations, including the Hellenic Bank, Deloitte, and Leptos Group, for their significant contributions. We also extend heartfelt thanks to the Central Bank of Cyprus, the Cyprus Securities and Exchange Commission, the Financial Wellbeing Institute, and the Cyprus Youth Organization for their support in organizing the competition.
The Department of FAMS and the Organizing Committee express their sincere gratitude to all public and private schools in Cyprus for their contribution to informing students, as well as to parents, guardians, and teachers for their dedication and support to this institution. This year’s success fills us with optimism and enthusiasm. We look forward to even greater participation from schools and students next year, as we continue this journey toward excellence together.
The Department of FAMS is committed to continuing the promotion of financial literacy and the education of young people, shaping the leaders of tomorrow. Participation in the International Economics Olympiad is just the beginning of many more successes to come!
