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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka rejects bids for 3-month at auction

Sri Lanka rejects bids for 3-month at auction

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sriranga

sriranga
Co-Admin

Sri Lanka rejects bids for 3-month at auction Cbsl15

http://sharemarket-srilanka.blogspot.co.uk/

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

Dec 06, 2012 (LBO) - Sri Lanka has rejected all bids for 3-month Treasury bills at an auction on Wednesday while 6 and 12 month bill yields rose by one basis point, data released by the state debt office showed.

The weighted average yield of the 3-month Treasury bills last week was 10.79 percent.

At this week's auction the yield on 6-month bills rose 01 basis point to 12.10 percent, and the 12-month yield rose 01 basis point to 12.86 percent.

The debt office which is a unit of the Central Bank offered 15.0 billion rupees in bills for roll-over and accepted 13.3 billion rupees in bids from the market.

Sri Lanka's Central Bank usually triggers balance of payments trouble by rejecting bids at auctions and repaying maturing bill with printed money, allowing the new liquidity to flow into commercial banks, which then create new import demand after being loaned out.

Rejecting bids at auctions are a roundabout way of sterilizing foreign exchange interventions. On Tuesday money markets were short by 4.2 billion rupees.

The rupee has gained against the US dollar in the past two days almost two rupees to 128.30 levels.

The Central Bank also owns 217 billion rupee portfolio of stocks and rolling them over does not create new demand. In November the government also gets tax receipts.
http://lbo.lk/fullstory.php?nid=1614773084

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