State Treasury Bills Market  

(January 2009) 

In January, the Ministry of Finance continued to allocate 3-, 6- and 12-month STB maintaining the volume of treasury bills issuance. At the same time the demand for STB was at rather high level and within the whole month the demand exceeded the supply. As a result STB profitability rate decreased by 0.3 percentage points and constituted 19.3 percent. The profitability rate of 3-month STB decreased by 0.3 percentage points to 19.0 percent, 12-month STB decreased by 0.5 percentage points to 19.7 percent and 6-month STB remained unchanged at the level of 19.3 percent.  

The average weekly demand volume in January constituted 125.6 million soms, having decreased by 6.5 percent in comparison with the previous month, whereas the sales volume remained almost unchanged and constituted 80.4 million soms. Herewith, in the structure of sales, the share of long-term bills (12-month) constituted 24.3 percent.  

The volume of STB in circulation decreased by 2.4 percent and constituted 2740.6 million soms by the end of month and the maturity of STB decreased from 223 to 214 days. The volume of net budget financing by means of STB in January constituted (-68.8) million soms.  

In the structure of STB holders, the share of commercial banks decreased from 88.3 to 88.0 percent. At the same time the shares of institutional investors increased from 5.3 to 6.4 percent and the share of resident legal entities decreased from 4.7 to 3.9 percent. The number of banks, holding the State Treasury Bills increased from 16 to 17. Herewith bank portfolio concentration index for STB constituted 0.20 that testifies a high concentration level and is equal to the presence of five banks with equal shares on the market.  

In January, on the secondary STB market, the STB purchase-sale bargains were non concluded.