Macedonia sells 2.52 bln denars (41.0 mln euro) in 91-day, 280-day T-bills

The finance ministry sold 1.713 billion denars of 91-day T-bills at an annual yield of 4.0% out of its offer of 2.2 billion denars of this maturity, the central bank said in a statement.

In a separate auction, the finance ministry offered 500 million denars of 91-day T-bills whose price is pegged to the denar/euro exchange rate. It sold 291.9 million denars worth of T-bills out of its offer. The annual yield on this issue was 3.9%.

In the third auction, the finance ministry's offered and sold out 519.3 million denars of 280-day T-bills at an average annual yield of 4.75%.

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 = 61.5029 Macedonian denars)