December 4 (SeeNews) - The yield on Macedonian three-month Treasury bills was steady at auction on Tuesday while that on six-month Treasury bills fell, central bank data showed.
The average annual yield on a 195.5 million denar ($4.71 million/3.2 million euro) issue of 91-day T-bills was 5.15% , the same as in the previous auction held on November 20. Macedonian banks placed bids for 205.5 million denars worth of T-bills but the Finance Ministry approved only the amount on offer.
The average annual yield on a 227 million denar issue of 182-day T-bills fell to 5.24% from 5.36% at the previous auction held on November 6. Bids totalled 227 million denars and the ministry approved all offers.
The Finance Ministry is in charge of the development of the primary market of 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 repo deals, to control the liquidity on Macedonia's money market and achieve the objectives of its monetary policy.
(1 euro = 61.248 Macedonian denars)