The National Bank of Cambodia (NBC) and the Ministry of Education, Youth, and Sports (MoEYS) on Thursday signed a Memorandum of Understanding on Implementation of the Project on Embedding Financial Literacy into School Curriculum Phase III. Entering the third phase of its kind, the project is the final project that will last for three years from 2024 to 2026. It is designed to be implemented in grade 5 to 12 as well as teacher training. This partnership reflects the joint commitment and endeavour in training crucial financial skills, helping students in making right decisions in the financial sector, said NBC Governor H.E Mrs. Chea Serey. 'Embedding financial literacy to the general education programme is a strategy which will build the spirit of responsibility, critical thinking, and problem-solving skills which are valuable advantages to individuals' success,' she underlined. Financial literacy is a combination of the awareness, knowledge, skills, attitude and behaviour necessary to make sound financia l decisions and ultimately achieve individual financial wellbeing. This is a long-term investment due to not only individuals making the right financial decision, but also contributing to the well-being and stability of society, she added. With the purpose of long-term financial literacy development, NBC and MoEYS entered into cooperation in 2017 to embed financial literacy in school curriculum from grade 1 to grade 12. The first phase of the project was officially kicked off in 2017, while the second phase started two years later. Financial inclusion plays an important role in providing formal financial service to people and businesses as well as reducing and boosting Cambodia's economic growth, according to the NBC's latest report issued early this week. Banking and financial institutions have continued to improve the financial inclusion, which is reflected in the increase in the number of customer deposit accounts to 18.9 million and consumer credit accounts to 3.9 million, pointed out the NBC. Sour ce: Agence Kampuchea Presse