Due to the national currency devaluation affecting the currency yield of government T-bills, the participation of non-residents on this market has gone down to nil. The current situation on the primary T-bills market is also considerably influenced by scarcity of free capital as the banks are now closing their six-month balances and cutting down outstanding investments.

The latest auction of 3 month T-bills was characterised by very unfavourable bid parameters as were the auctions of the previous week. The issue was underplaced, as the prices submitted by the traders were too low for the issuer to keep to the policy of maximum borrowing at high yields. Thus, the placed volume has reached US $8.33 million with the announced volume of US $9.1 million.

The issue of the last auction of 6 month T-bills was underplaced due to very high demanded yields. Non-residents did not participate in the latest three auctions of government T-bills.