Yields Flat on Macedonian 6-mo T-Bills with Forex Clause

The average annual yield on the 2.5 billion denar ($59.3 million/40.3 million euro) issue of 182-day T-bills with a foreign currency clause was 5.5%, flat from the previous auction held on August 4. Commercial banks placed bids for over 2.87 billion denars worth of government paper but the Finance Ministry approved bids only for the amount of offer, NBRM said.

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=62.0048 Macedonian denars)