Interest rates subsided to 15% in the latest treasury bill auction as demand for the short-term instruments declined.
The yield on the 91-day T-bill fell by 185 basis points to 15.85%.
Similarly, that of the 182-day bill also nosedived to 16.92% from 18.96% the previous week.
The rate on the 364-day bill also fell by 102 basis points to 18.96%.
The declining interest rates, though good for the economy, can compel some investors to invest in foreign-denominated assets which will impact negatively on the value of the cedi.
Meanwhile, the government recorded a 12.28% oversubscription of the T-bills.
It got GH¢9.27 billion from the sale of the T-bills, against a target of GH¢8.260 billion.
The Treasury accepted GH¢8.77 billion of the bids tendered.
The 91-day bill received the highest bids worth GH¢6.22 billion. All were accepted.
For the 182-day bill, GH¢1.833 billion was tendered. About GH¢1.803 billion was accepted.
The one-year bill received bids worth GH¢1.207 billion. The government however only took GH¢746 million of the bids.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 6.233bn | 6..233bn |
| 182 Day Bill | 1.833bn | 1.803bn |
| 364 Day Bill | 1.207bn | 746.94m |
| Total | 9.274bn | 8.774bn |
| Target | 8.260bn |
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