October 30 (SeeNews) - Yields rose on Macedonia's three-month Treasury bills at Tuesday's auction, data from the country's central bank showed.
The average annual yield on the 1.244 billion denar ($29.2 million/ 20.3 million euro) issue of 91-day T-bills rose to 5.18% from 4.91% at the previous auction held on October 10. Macedonian banks placed bids for 1.264 billion denars worth of T-bills but the Finance 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 = 61.3696 Macedonian denars)