Yields Rise on Macedonian Three-Month T-bills

The average annual yield on an 800-million denar ($17.5 million/13.2 million euro) issue of 91-day Treasury bills rose slightly to 7.65% from 7.48% at the previous auction held on October 7. Commercial banks placed bids for 443.13 million denars worth of Treasury bills but the Finance Ministry approved bids worth 432.33 million denars.

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, Treasury bills and repo deals, to control liquidity on Macedonia's money market and achieve the objectives of its monetary policy.

(1 euro = 60.4031 Macedonian denars)