Yields of the short-term domestic bonds issued by the Republic of Cyprus marked a new rise fuelled by global tightening monetary policy on the backdrop of rising inflation.

According to a press release issued by the Public Debt Management Office of the Ministry of Finance (PDMO), during 13 Week Treasury Bills Auction, carried out on February 20, bids for a total amount of €81.65 million were submitted, out of which, €47.65 million total nominal value have been accepted with a weighted average yield of 2.96 per cent.

The accepted yields ranged from 2.9 per cent to 3 per cent, the PDMO added.

Compared with the January auction, weighted average yields rose by 26 basis points. Yields for the 13-week T-bills have embarked on a rising trajectory since June 2022.

T-Bills are one of the short-term financing tools used by the Ministry of Finance for domestic investors, mainly banks.