The latest auctions of government T-bills attracted much interest on the part of non-residents as the currency yields are presently rather high. Local dealers have also shown much activity on the primary securities market (all but one banks submitted bids for the last issue).

The last auction of 3-month T-bills was oversubscribed 3 times. The demand was extraordinarily high accompanied by tough bids parameters. The placed volume was the highest ever (in the history of 3- month T-bills).

The last auction of 6-month T-bills was noteworthy for the amount of bids from non-residents, which accounted for 79.5% of the total issued volume. The majority of bids contained parameters that presupposed higher yields and lower prices than at the previous auction. Targeting the increase of net borrowing, the issuer rose yields and thus overplaced the issue by US $4.7 million.