The primary T-bills market continues to be affected by the situation on the currency market. By the 193^rd auction, July 14, some free capital deficit occurred on the market since banks had spent considerable means before to purchase hard currency. The demand for short securities, 3 month T-bills, exceeded insignificantly that for 12 month T-bills. However, its absolute figure—US $18.8m—left much to be desired. Dealers again speculated for the rise and the Ministry of Finance accepted this calmly. The auction was remarkable in that non-residents resumed their bids after a fortnight of keeping aside—6.6% of the total demand and 10.3% of the placed volume.

At an auction of 12- month discount T-bills on July 13, the Ministry of Finance was forced to raise the average yield to 18.04%. Despite the issuer efforts to balance the rate of the Tenge devaluation with increasing investment attractiveness of securities, non-residents again did not show any interest to the auction.