The Central Bank of Cyprus announces a new issue of up to £5.000.000 Government Registered Development Stock with maturity in 3 years and an interest rate of 5,00% p.a. The interest is payable every six months. Interest earned by individuals from Government Registered Development Stocks is exempted from income tax without any limitation but is subjected to 3% Defence Tax. The new stock issue, as 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 for this issue are accepted from 22nd July to 26th July, 2002.