Table 15: Bank Rate and Weighted Average Yields on Treasury Bills

(per cent per annum)

Auctions held on

4-Mar-99

11-Mar-99

19-Mar-99

26-Mar-99

1.

Weighted Yield on:

30-day

12.41

12.41

12.41

12.41

91-day

12.62

12.66

12.66

12.58

182-day

12.78

12.78

12.76

12.76

364-day

12.99

12.98

12.98

12.97

728-day

13.10

13.10

13.10

13.10

2.

Overall Weighted Average Yield

12.69

12.79

12.77

12.70

3.

Bank Rate*

12.65

12.64

12.69

12.60

* : Effective on the day following auction day, except for 11 March 1999 when Bank Rate became effective on 15 March 1999.

For 19 March 1999, Bank Rate became effective on the same day and for 26 March 1999, Bank Rate became effective on 29 March 1999.

Bank Rate is determined on the basis of overall weighted auction of Bills with maturities of 30, 91,182 and 364 days only.

Table 14: Auctions of Treasury Bills

(Rs million)

Auctions held on

Total

4-Mar-99

11-Mar-99

19-Mar-99

26-Mar-99

Feb-99

Mar-99

1.

Amount of Bills Put on Tender

1,000

1,500

1,200

1,900

5,200

5,600

2.

Value of Bids Received

602

1,212

572

1,664

4,246

4,050

3.

Value of Bids Accepted

587

1,211

561

1,568

3,825

3,927

4.

Value of Bills Maturing

473

536

853

1,183

3,977

3,045

5.

Net Issue of Bills(3-4)

114

675

-292

385

-152

882

Figures exclude maturing Bills of the Secondary Market Cell.

Table 16: Auctions of Treasury Bills: Maturity-wise

Jul-98

Aug-98

Sep-98

Oct-98

Nov-98

Dec-98

Jan-99

Feb-99

Mar-99

(Rs Million)

Amount put on Tender

5,400

3,600

3,600

5,800

3,200

5,500

7,400

5,200

5,600

Total Bids Received

4,676

2,592

3,373

4,292

2,099

4,700

6,601

4,246

4,050

30-day

799

890

864

995

91-day

3,238

1,574

1,930

2,790

1,296

1,857

2,039

1,193

1,106

182-day

406

307

455

744

395

871

1,131

1,099

564

364-day

195

100

175

320

403

335

1,339

771

497

728-day

837

611

813

438

5

838

1,202

319

888

Total Bills Sold

4,574

2,592

3,049

4,282

2,099

4,087

5,295

3,825

3,927

30-day

605

551

565

965

91-day

3,146

1,574

1,696

2,780

1,296

1,591

1,580

1,153

1,106

182-day

396

307

442

744

395

747

856

1,063

498

364-day

195

100

149

320

403

323

1,126

747

485

728-day

837

611

762

438

5

821

1,182

297

873

(Per Cent Per Annum)

Weighted Average Yield

30-day

12.51

12.61

12.55

12.41

91-day

9.33

9.73

10.17

10.41

11.60

12.16

12.76

12.59

12.61

182-day

9.16

9.72

10.14

10.91

11.84

12.89

12.78

12.71

12.77

364-day

9.15

9.75

10.11

11.06

11.74

12.88

12.94

12.95

12.98

728-day

10.50

10.62

10.86

11.14

12.00

13.05

12.99

13.08

13.10

Overall Weighted Yield

9.52

9.94

10.34

10.62

11.67

12.58

12.84

12.73

12.74

Bank Rate (Simple Average)

9.22

9.63

10.12

10.30

11.43

12.49

12.76

12.71

12.66

Note: Figures may not add up to total due to rounding.

Auction of 728-day and 30-day Treasury Bills started as from July and December 1998, respectively.