The Central Bank of Cyprus announces the issue of up to £10.000.000 Government Registered Development Stock with three years maturity and interest of 4,25% p.a. payable every six months. Interest earned is exempted from income tax without any limitation but is subject to 3% Defence Tax Contribution.
The new stock issue 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 8 November, 2005 to 11 November, 2005.