T-bills at end-September

Central Bank’s share of local currency debt grows to $10.8 billion as at Q3

The total value of the local currency treasury bills stood at $32.93 billion at the end of the third quarter of the year, up by 3.5 percent from its value at the end of 2010.

The Ministry of Finance’s Debt and Debt Markets report for the third quarter of 2011 showed that the Central Bank was the highest subscriber to T-bills during the period extending from July to September, with 43 percent of subscriptions. Commercial banks captured 41 percent of T-bills subscriptions during the covered period, compared to 14 percent for public institutions.

The report showed that the Central Bank’s share of lira-denominated debt stood at $10.8 billion at end-September 2011. It showed that the BDL’s share of T-bills had grown to $8.75 billion at end 2010, from $6.8 billion in 2009, and $5.5 billion in 2008.

Gross public debt stood at $54.37 billion at the end of the third quarter of 2011, 3.35 percent higher than end-2010 levels.

Commercial banks still control 52.68 percent of the total debt portfolio ($2,759 million of Eurobonds and around $17 billion of lira-denominated treasury bills). The Central Bank holds 31.6 percent of the total debt, while other public institutions hold 13 percent.