AUCTION RESULTS OF TREASURY BILLS ISSUED ON 14.7.2003

An auction was held on 14.7.2003 for the sale by the Central Bank of Cyprus, for and on behalf of the Government of the Republic of Cyprus, of upto £25.000.000 Treasury Bills with date of issue 14.7.2003 and 13 weeks maturity.

The total value of the bids submitted was £43.000.000. The competitive bids amounted to £35.000.000 and the non-competitive bids to £8.000.000. The total value of bids accepted was £18.000.000. The competitive bids accepted amounted to £10.000.000, while the non-competitive bids accepted amounted to £8.000.000.

In accordance with the published terms of the auction non competitive bids amounting to £8.000.000 were accepted at the weighted average price of the accepted competitive bids. This price was £991,33 per £1.000 nominal value representing an annual yield of 3,51%.