Thanks to released bank money and activated pension funds, an increase in free capital on the market was crucial in the placement of 3 month discount T-bills. The tenge demand increased 1.6 times. The Ministry of Finance managed to reduce the maximum rate. The increased yield, however, proved to be insufficient for non-residents given the current tenge devaluation rate. No bid from non-residents was reported.

The latest auction of six-month T-bills held on June 6 proved to be a special one since the issuer actually used the additional placement mechanism for the first time. Since the Ministry of Finance was not happy with a maximum yeild of around 18.7% it suggested that some large primary dealers file additional bids at 17.23%.