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Cyprus Open University Kicks Off AI Project To Shape Public Engagement

The Cyprus Center for Trustworthy AI (CyCAT) at the Open University of Cyprus (OUC) has launched PINNACLE—a groundbreaking initiative designed to evaluate AI’s role in education and system benchmarking. Backed by €150,000 in funding from the Cyprus Research and Innovation Foundation, the project aims to lay the groundwork for a larger Horizon Europe proposal.

AI for Everyone: A Free Course to Build Awareness

As part of PINNACLE’s first phase, OUC will roll out a fresh edition of “AI in Everyday Life”, a free, 8-week online course available in Greek and English starting 30 April 2025. The course, designed for all skill levels, explores key AI concepts and real-world applications—no technical background is required.

Engaging the Public in AI Research

More than just an educational initiative, the course will serve as a collaborative research platform, encouraging participants to actively engage with AI-driven exercises. Their input will help shape the PINNACLE evaluation mechanisms, ensuring AI’s development aligns with public needs. Successful participants will receive a certificate of completion and gain early access to the project’s research findings.

With Cyprus positioning itself at the forefront of AI ethics and public engagement, PINNACLE could set a new standard for how societies interact with and influence artificial intelligence.

Central Bank Of Cyprus Balance Sheet Reflects Strong Eurosystem Position

Overview Of Financial Stability

The Central Bank of Cyprus (CBC) has released its latest balance sheet, reaffirming its steadfast role within the Eurosystem. The balance sheet, featuring total assets and liabilities of €29.545 billion, underscores the institution’s stable financial posture at the close of January 2026.

Asset Allocation And Strategic Holdings

Governor Christodoulos Patsalides issued the balance sheet, which details the CBC’s asset composition under the Eurosystem framework. Notably, the bank’s gold and gold receivables amounted to €1.635 billion, providing a significant hedge and stability to its balance sheet. Additional asset categories include claims on non-euro area residents denominated in foreign currency at €1.099 billion, while claims on euro area residents in both foreign and domestic currency add further depth to its portfolio.

The most substantial asset category, intra-Eurosystem claims, reached €19.438 billion, an indication of the CBC’s deep integration with its European counterparts. Furthermore, euro-denominated securities held by euro area residents contributed €6.587 billion. Despite a marked emphasis on these areas, lending to euro area credit institutions in monetary policy operations recorded no activity during the period.

Liability Structure And Monetary Policy Implications

On the liabilities side, banknotes in circulation contributed €3.218 billion. Liabilities to euro area credit institutions associated with monetary policy operations were notably the largest single category, totaling €17.636 billion. Supplementary liabilities included those to other euro area residents, which aggregated to €4.989 billion, with government liabilities playing a predominant role at €4.754 billion.

Other liability items, such as claims related to special drawing rights allocated by the International Monetary Fund at €494.193 million, and provisions of €596.571 million, further articulate the CBC’s exposure. Revaluation accounts stood at €1.643 billion, and overall capital and reserves were confirmed at €333.822 million, completing the picture of a well-capitalized institution.

Conclusive Insights And Strategic Alignment

The detailed breakdown illustrates the CBC’s sizeable intra-Eurosystem exposures, reinforcing its central role within Europe’s monetary landscape. With an asset-liability balance maintained at €29.545 billion, the CBC’s financial position remains robust, indicating a commitment to structural stability and strategic risk management.

This fiscal disclosure not only provides transparency into the CBC’s operations but also serves as a benchmark for comparative analysis among other central banks within the Eurosystem, highlighting the intricate balance between asset liquidity, regulatory oversight, and monetary policy imperatives.

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