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Oct 10, 2007 15:52 EEST
SKOPJE (Macedonia), October 10 (SeeNews) – Yields were mixed on Macedonia's three-month and six-month Treasury bills at Wednesday's auctions, data from the country's central bank showed.
The average annual yield on the 1.395 billion denar ($319.95 million/ 226 million euro) issue of 91-day T-bills rose to 4.91% from 3.71% at the previous auction held on September 18. Macedonian banks placed bids for 1.273 billion denars worth of T-bills but the Finance Ministry approved only 1.071 billion denars.
The average annual yield on a 200 million denar issue of 182-day T-bills fell to 5.40% from 5.54% at the previous auction held on August 7. Bids totalled 363.3 million denars, but the ministry approved only the amount on offer.
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 = 61.7245 Macedonian denars)
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