November 18 (SeeNews) - Serbia's Finance Ministry said on Wednesday it sold its entire offer of 1.0 billion dinars ($15.8 million/10.6 million euro) of 12-month Treasury bills at an average interest rate of 11.8%, down from 12% in last week's auction.
The average accepted price in the auction was equal to 89% of par, the ministry said in a statement.
The ministry sold 100,000 T-bills with a nominal value of 10,000 dinars each. The government securities will mature on November 17, 2010.
In the previous auction of 12-month T-bills held on November 11 the ministry also sold its entire offer of 1.0 billion dinars worth of government securities.
Serbia holds scheduled auctions of three-month T-bills every week on Tuesdays, of 12-month T-bills on Wednesdays and of six-month T-bills on Thursdays.
The next auctions of six-month, three-month and 12-month T-bills will be held on November 19, November 24, and November 25, respectively.
Serbia held its debut auction of 12-month T-bills on August 26, aiming to bridge its yawning budget gap.
(1 euro= 94.5367 Serbian dinars)