January 30, 2017 / 1:12 PM / 3 years ago

Bosnian region sells $10.4 million in T-bills as awaits IMF cash

SARAJEVO, Jan 30 (Reuters) - Bosnia’s autonomous Serb Republic raised 19.8 million Bosnian marka ($10.4 million) in an auction of one-year treasury bills on Monday, aimed at helping it plug a budget gap in the absence of funds from the International Monetary Fund (IMF).

Data from the Banja Luka Stock Exchange (BLSE) showed the average yield rose to 1.0 percent from 0.3 percent at the last comparable sale in July 2016, as investors placed bids for 37.4 million marka against 20 million marka on offer.

The Serb Republic is awaiting a loan instalment from the IMF, which last September approved a three-year extended loan arrangement for Bosnia worth 553.3 million euros ($592 million) to back the Balkan country’s economic reforms.

The lender has already paid out 79.2 million euros. But to access the next tranche of 80 million euros, Bosnia must pass a law raising excise taxes, and its other autonomous region, the Bosniak-Croat Federation, must adopt a new banking law.

The IMF distributes the loan payments to Bosnia’s central government in Sarajevo, but the principal beneficiaries are the two autonomous regions. ($1 = 1.833 Bosnian marka) (Reporting by Maja Zuvela; Editing by Alexander Smith)

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