Cyprus 3.75% bonds for private investors

The Central Bank of Cyprus announces the issue of up to CYP5.000.000 Government Registered Development Stock (GRDS) with three years duration and interest of 3,75% p.a. payable every six months.
The aforesaid GRDS can be acquired by natural persons only. Interest earned on GRDS 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 the Series’ Terms of Issue are available at the Central Bank of Cyprus, Banks, Post Offices and Stockbrokers. Applications will be accepted from 21 February, 2007 and not later than 4:45 p.m. on 26 February, 2007.