Macedonia sells 1.38 bln denars (22.5 mln euro) in 91-day T-bills

The finance ministry offered and sold in one auction 781.3 million denars of 91-day T-bills at an annual yield of 4.0%, the central bank said in a statement.

In a separate auction, the finance ministry offered 625 million denars of 91-day T-bills whose price is pegged to the exchange rate of the Macedonian denar against the euro and sold government paper worth of 600 million denars. The annual yield on this issue was 3.9%.

The finance ministry is in charge of developing the primary market for government securities, while the central bank develops the secondary market in cooperation with the ministry. The central bank relies on two main instruments, T-bills and central bank bills, to control liquidity on Macedonia's money market and achieve the objectives of its monetary policy.

(1 euro = 61.5050 Macedonian denars)