An auction was held on 31.3.2003 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £30.000.000 Treasury Bills with date of issue 31.3.2003 and 52 weeks maturity.
The total value of the bids submitted was £ 75.000.000. The competitive bids amounted to £ 55.000.000 and the non-competitive bids to £20.000.000. The total value of bids accepted was £30.000.000. The competitive bids accepted amounted to £15.000.000, while the non-competitive bids accepted amounted to £15.000.000.
The lowest and highest prices of the competitive bids accepted were £ 963,68 and £963,81 respectively for every £ 1000 nominal value, representing annual yields of 3,79% and 3,78% respectively. In accordance with the terms of the auction the non-competitive bids amounting to £15.000.000 were accepted at the average weighted price of the accepted competitive bids. This price was £963,77 per £100 nominal value representing an annual yield of 3,78%.