Yerevan /Mediamax/. Last week, activity was registered both in the initial and the secondary markets of governmental bonds in Armenia, Mediamax was informed in “Renesa” Investment Company.

One auction was realized for placing short-term governmental bonds at the volume of 1bln AMD and one auction on placing medium-term governmental bonds at the volume of 2bln AMD. The demand for short-term bonds exceeded the offer 2.7 times, and for medium-term ones – 2.5 times. The yield of bonds with the repayment term of less than a year decreased as compared to previous auctions for 1 percentage point, and the yield of medium-term bonds – for 0.7 percentage points.

Touching upon the financial market of the country, “Renesa” states there is a high level of liquidity in the banking system, the fact being evidenced by the volume of commercial banks’ deposits in the Central Bank (CB), which makes 89.2bln AMD, as well as the tendency to reduce volumes of REPO with the 7 days’ repayment term, issued by the CB to commercial banks.

“Despite the fact that in the course of the last week of August only one placement of medium-term governmental bonds is to take place, nevertheless, we forecast that the demand will exceed the offer at least 2-2.5 times, and the average rate of the auction will fluctuate within the range of 9.5-9.7%”, the Investment Company noted.