On July 21, the Ministry of Finance jointly with the National Bank held a 194^th auction of 3-month discount T-bills. The situation on this market has not changed: there is a sort of correlation between investors and the issuer. Primary dealers and their clients have been conservatively speculating for the decline in price while keeping rather high demand which allows acceptable options for the Ministry of Finance. The growing yield has attracted more non-residents: 21.1% of the total demand (against 6.6% last time) and 23.4% of the placed volume (10.3% last time).

A rather high demand at a low price for 6-month T-bill at the latest auction on July 20 showed that bidders counted on growing yields which was in line with the market mood. With the current Tenge devaluation rate, the Ministry of Finance can do nothing but raise the yield smoothly. The demand allowed the issuer to place not more than the targeted volume.