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Sep 18, 2007 16:43 EEST
September 18 (SeeNews) - Yields fell on Macedonia's three-month and one-year Treasury bills at Tuesday's auctions, data from the country's central bank showed.
The average annual yield on the 415 million denar ($9.4 million/ 6.8 million euro) issue of 91-day T-bills fell to 3.71% from 5.40% at the previous auction held on August 22. Macedonian banks placed bids for 415 million denars worth of T-bills and the Finance Ministry approved the amount on offer.
The average annual yield on a 600 million denar issue of 364-day T-bills fell to 5.13% from 5.81% at the previous auction held on June 19. Macedonian banks placed bids for 119.5 million denars and the ministry approved all bids.
The Finance Ministry is in charge of the development of the primary market of government securities, while the central bank (NBRM), in cooperation with the ministry, develops the secondary market.
NBRM relies on two main instruments, T-bills and repo deals, to deal with the excess of liquidity on Macedonia's money market and achieve the objectives of its monetary policy.
(1 euro = 61.3193 Macedonian denars)
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