Cyprus News Agency: News in English, 09-06-02

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] FINANCE MINISTER - BANKS

[02] EUROSTAT - CYPRUS - UNEMPLOYMENT

[01] FINANCE MINISTER - BANKS

``The 1.5 billion euros are the product of the very successful issue of the Republic of Cyprus. These (funds) through a transparent written bidding process will be deposited to the banks and cooperative establishments offering the most competitive rates,`` Stavrakis said speaking to the press.

Cyprus concluded last Monday the book building for the issue of 1.0 billion euro government bonds to international investors. The Finance Ministry increased the threshold to an issue of 1.5 billion euros after strong demand reaching around 5.4 billion euros. A total of 1.25 billion euros were allocated to international investors while 250 million euros were given to local investors.

Stavrakis also said that the deposit of these funds to Cypriot commercial banks and cooperative establishments would constitute ``a significant liquidity injection in the Cypriot economy, leading to further interest rate cuts.``

[02] EUROSTAT - CYPRUS - UNEMPLOYMENT

Despite the increase in the unemployment rate, Cyprus had the third best performance in the EU27, the average of which presented a decade record, rising to 8.6%.

The unemployment rate for men was 5.3% in April compared to 4.8% in March, and 5.5% for women in April compared to 5.3% in March. Among the youth, March figures show unemployment standing at 12.6%.

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