New Issue of 4,50% GRDS

The Central Bank of Cyprus announces a new issue of up to £8.000.000 Government Registered Development Stock with three years  maturity and interest at 4,50% p.a. The interest, which is payable every six months, is exempted from income tax without any limitation but it is  subject to  3% Defence Tax.

The new stock issue, as in all previous issues, has a two-fold purpose: the encouragement of savings and the raising of funds for financing Government development projects. The funds raised are deposited in the Development Fund of the Republic.

Application Forms and Terms of Issue are available at the Central Bank of Cyprus, Banks, Post Offices and Stockbrokers. Applications are accepted from 7th April to 14th April, 2003.