Skopje, 21 October 2005
Press release of the NBRM
On October 26, 2005, the National Bank will commence performing CB bills auctions through an interest rates tender instead of the volume tender which has been in use until now. The amount of the CB bills the banks may purchase will not be restricted as it has been the practice so far, but it will be set and published in advance by the National Bank of the Republic of Macedonia. Simultaneously, the interest rate at which the banks will purchase CB bills will not be known in advance as it has been the case until now, but the banks will bid with their interest rates at each auction, and each auction will produce a certain interest rate.
By conducting CB bills auctions through the interest rates tender, the amount and the interest rate of the CB bills will be set depending on the projected and registered movement of the banking system liquidity, but also to an extent higher than the market expectations.
Governor's Office
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