CB bills of the NBRM – short-term securities issued by NBRM. Treasury bills are sold at a discounted amount, and on the day of maturity, their nominal value is paid, with the difference between the nominal and discounted amount represents the interest carried by CB bills. Treasury bills can be issued with different maturity deadlines, such as: 3, 7, 14 and 28 days. CB bills are issued in a dematerialized form, and the NBRM keeps a registry of ownership of CB bills. The NBRM sells treasury bills at auctions, which only commercial banks can participate. Auctions are held in regular terms, and there are two basic types of tenders: tenders with amounts and tenders with interest rates. In tenders with amounts, the total amount of treasury bills offered on the sale and interest rate are determined by the NBRM, and banks submit offers only for the amount of treasury bills they want to buy. In tenders with interest rates, the Central Bank determines only the total amount of treasury bills offered for sale, while the banks are identified by the amounts and interest rates. The auctions of treasury bills were introduced for the first time as an instrument of the monetary regulation of 14. ⅱ 1994. Starting in 2000, treasury bills are the basic instrument through which monetary policy in the Republic of Macedonia is kept, while their interest rate is the main reference interest rate of the NBRM. In doing so, by changing the amount of the interest rate on the CB bills and the types of tenders, the Central Bank sends signals on the direction of monetary policy. In conditions of surplus of liquid assets in the banking system, i.e. In increased money supply, the Central Bank uses the auctions of treasury bills as an instrument for withdrawal money. Then, it increases the amount of treasury bills offered for sale and increases their interest rates. Conversely, if the Central Bank assesses that the amount of money in circulation is the treasury bills that sell and reduces their interest rates. In addition, if the Central Bank wants to stabilize market interest rates, then it applies tenders with amounts, and if it wants to encourage the role of market forces in the formation of interest rates, it applies tenders with interest rates. Litt: Ljupco Trpeski, Money and Banking, Economic Press, Skopje, 2003, 502-506; Kiki Mangova Ponjvic, Vanco Kargov, 60 years Central Banking in the Republic of Macedonia, National Bank of the Republic of Macedonia, Skopje, 2006, 133. Mr. P.
Original article in Macedonian language Cyrillic alphabet
Кириличен напис БЛАГАЈНИЧКИ ЗАПИСИ НА НБРМ