November 3 (SeeNews) - Yields on Macedonia'a six-month Treasury bills, whose price is pegged to the exchange rate of local denar currency against the euro, remained unchanged in Tuesday's auction, the central bank said.
The average annual yield on the 2.5 billion denar issue ($60.4 million/41.3 million euro) of 182-day T-bills with a foreign currency clause was 5.5%, unchanged from the previous auction held on October 6.
Commercial banks placed bids for over 2.499 billion denars worth of six-month government paper and the Finance Ministry approved all bids.
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 repo deals, to control liquidity on Macedonia's money market and achieve the objectives of its monetary policy.
(1 euro = 61.0756 Macedonian denars)