When interest rates are rising, it’s difficult to dispose of one’s T Bill holdings in the secondary market at a profit as the relatively low yields such command, compared with current rates. Similarly when the exchange rate is deteriorating, that too results in a flight of foreign capital from such seemingly liquid investments due to fears by investors that foreign currency takings at maturity or the time of disposal would be low at conversion, compared with their original investment value. Meanwhile foreign investments in the T Bond market marginally contracted by Rs. nine million in the review period to Rs. 236,676 million. All in all, the review period witnessed an outflow of Rs. 3.642 billion from the Government securities market, compared to a Rs. 0.6 billion inflow the previous week (see also this newspaper’s last week’s business pages).