The Cabinet of Ministers of Ukraine has authorised the state treasury to proceed with the issue of a new type of short term government debt paper. Treasury bills in bearer form with maturities of up to one year and nominal values of 500 million and one billion Karbovanets will pay no interest and be issued at a discount. They can be used for settlement and investment purposes by resident entities. Specifically, treasury bills may be tendered to pay tax liabilities of the holders.

(Resolution of the Cabinet of Ministers of Ukraine of 27 June 1996 No 689)

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