Arab Today, arab today cyprus expects to raise €10m monthly from savings bonds
Last Updated : GMT 00:43:26
Arab Today, arab today
Arab Today, arab today

Cyprus expects to raise €10m monthly from savings bonds

Arab Today, arab today

Arab Today, arab today Cyprus expects to raise €10m monthly from savings bonds

Nicosia - XINHUA

Cyprus expects to raise 10 million euros (13.8 million U.S. dollars) every month from savings bonds to be issued as of Friday, Finance Minister Haris Georgiades said on Thursday. The monthly savings bonds will be made available at the beginning of each month and will be allocated to retail investors on the basis of application submitted by the 20th of each month. The six-year bonds will bear a 5.75-percent coupon at maturity six years later but can be redeemed with a lower interest rate starting at 2.75 percent two years after acquisition. The local bond comes on the heels of a 100-million-euro bond issue placed privately through an overseas investor which was announced by the Finance Ministry on Wednesday. The six-year bond has a hefty 6.50 percent coupon, but Georgiades commented that this still compared very favorably with yields of Cyprus bonds of over 14 percent since the eastern Mediterranean island was shut out of international markets as far back as 2010. "Both issues are a positive first step for the return of Cyprus to international markets planned for next year. This is planned very carefully and studiously," Georgiades told journalists. Just 13 months after a tumultuous 10-billion-euro bailout that brought Cyprus on its knees, there are increasing signs that the economy is on the verge of picking up after a better than expected performance in 2013. Bank of Cyprus, which became the first lender to be ever recapitalized by turning the money of its depositors into equity, will release on Friday one-third of 933 million euros of assets frozen in nine-month time deposits. The money will be made totally available to depositors in two more installments at the end of July and October respectively. Bank of Cyprus said the move reflected its improving liquidity situation and a better economic outlook. Economic analysts said the move is expected to give a boost to the cash-starved real economy. In a parallel move aimed at improving bank liquidity, the government has said it will deposit its cash assets in interest bearing accounts with three commercial banks, namely Bank of Cyprus, Hellenic Bank and Cooperative Central Bank, instead of giving it to the Central Bank for safe keeping. A government spokesman said this action is aimed at both pumping liquidity into the economy and sending out a signal that the banking system is trustworthy again. There are still restrictions on the transfer of funds from bank accounts which are expected to be fully lifted by the end of June, while restrictions on international transfers are scheduled to be lifted by the end of the year.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cyprus expects to raise €10m monthly from savings bonds Arab Today, arab today cyprus expects to raise €10m monthly from savings bonds

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Actress Mervat Amin reveals her role in new series
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 20:03 2017 Saturday ,25 March

Health expert warns from dust sensitivity

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday