Within the framework of the SESRIC project titled “Strengthening Financial Literacy and Promoting Islamic Finance in the OIC Member Countries”, which is funded by the Standing Committee for Economic and Commercial Cooperation of the Organisation of the Islamic Cooperation (COMCEC) under the 9th Call for Project Proposals of COMCEC Project Funding, the Centre, in collaboration with the Central Bank of the Republic of Türkiye organised a Training Course on “The Role of Central Banks in Increasing Financial Literacy” on 05-06 September 2022 through an online video conferencing platform.

The training course was provided by competent experts from the Central Bank of the Republic of Türkiye for the benefit of 123 participants from the Central Banks and Monetary Authorities of 29 OIC Member Countries.

The training course, which was also organised within the framework of SESRIC’s Central Banks Capacity Building Programme (CB-CaB), aimed at introducing a broad understanding of financial literacy and improving awareness-raising mechanisms on this important pillar to ensure financial literate OIC societies. In addition, the activity highlighted the Central Bank of the Republic of Türkiye’s Economics Education Initiative titled “Economics for All” and touched upon its tools and outreach activities. The training course was geared towards building the participants’ capacities in the domain through sharing the Turkish experiences focusing on the accomplishments achieved, challenges faced, and prospects towards raising further awareness of the role played by financial entities in promoting financial literacy.

The training course commenced with the opening remarks of Mr. Onur ÇAĞLAR, Director of Training and Technical Cooperation at SESRIC, who highlighted the crucial role of financial literacy on individuals’ financial behaviours, which leads to a financially educated society that supports the financial system and contributes to its development and progress. Mr. ÇAĞLAR then briefed the participants on the Centre’s significant efforts throughout the years in the area of finance through its three mandated areas of statistics, research and training. His welcoming remarks were concluded by thanking the project’s implementing partners as well as the COMCEC Coordination Office for their continuous support and cooperation.

In his address, Mr. Selman DAL, Director of International Organisations Affairs Division at the Central Bank of the Republic of Türkiye, started by defining financial literacy as the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. “Moreover, it is becoming more and more important with the developments in financial markets as well as with the changes in the demographic structures and pension schemes of societies”, he added. Mr. DAL emphasised that the training will focus on the achievements in the activity-based financial education programmes for the younger generations, including school-age children, under the brand “Economics for All” conducted by the Central Bank of the Republic of Türkiye.

In his statement, Mr. Mehmet Celalettin AKTAŞ, Head of COMCEC Programmes and Projects Department at the COMCEC Coordination Office, stressed the importance of the exerted efforts by the project partners in enhancing cooperation, strengthening solidarity and improving governance in the OIC Member Countries. Mr. AKTAŞ also briefed the participants on the main objectives of the project funding mechanisms towards serving the expected outcomes of the COMCEC Strategy as well as contributing to the realisation of the COMCEC Ministerial Policy Recommendations.

The Central Banks Capacity Building Programme (CB-CaB) was developed and initiated by SESRIC in 2009 to strengthen institutional and human resources capacities by sharing knowledge, experiences and best practices among the Central Banks and Monetary Authorities in the OIC Member Countries. Within this framework, the Centre organises capacity-building activities for the benefit of the staff of the Central Banks and Monetary Authorities in the OIC Member Countries by using various modalities such as training courses, training workshops, and study visits. For more information on the Central Banks Capacity Building Programme (CB-CaB), please visit: https://www.sesric.org/cbp-centralbanks.php

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