Retail bonds attract 4.3 mln for July

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The 6-year retail bonds, part of a plan to raise 100 mln euros locally, did not attract much interest for July as total bids received by the CSE reached 4.3 mln euros, lower than the 7 mln submitted in May for the June issue.

However, Ministry of Finance officials had earlier told the Financial Mirror that they expected interest to dwindle during the summer months and expected to pick up again after October, where the target has been set at 10 mln euros a month. The two main benefits are the average 4% rate over six years and the 3% defence tax on interest, compared to the 30% on all other deposits with commercial banks.