Contact           24/7

contact center:
(02) 3 296 800

Purchase/sale of government bonds and bills



Komercijalna Banka AD Skopje as a direct participant in the primary market of government bonds allows individuals to take indirect part in the auctions for:

  • Government bonds,
  • Government bills.

The secondary market of government securities commenced to function as from 25 April 2005.

If you want to participate in the auction of government securities, you should submit to the Unit for trading in the country an application in the prescribed form, one day before the auction on fax No.: (+389 2) 3218 018.

The minimum amount for participation in the auction is:

  • for government securities 10,000.00 denars (any increase in the nominal amount is made in rounded amounts of 10,000.00 denars).

Potential buyers interested for these securities shall conclude Intermediation Agreement with the Bank for regulating the rights and obligations in intermediating in purchasing, which is an integral part of the individual requests for purchase of the government securities.

The discount amount for purchase of the bills (nominal value less the interest amount), must be paid on the day of the auction, not later than 10 o’clock, calculated on the basis of the price determined by the interest rate at which the government bills are purchased. On the auction settlement date for the government bonds, the calculated amount for the purchase of the bonds is paid, calculated on the basis of the price determined by the rate of return at which the government bonds are purchased.

The Bank calculates and charges the following fees:

  • 0.12 percentage of the nominal amount of each successful offer for purchase of government securities, minimum 300.00 denars on the auction settlement date.



As from 10 April 2007, the Ministry of Finance introduced non-competitive offers as a new way of auction (for individuals), which means buying government securities at auction only with amount, while the price is equal to the weighted (average) interest rate reached at the respective auction.

The Ministry of Finance defines the amount of the non-competitive offers by auction in each Prospectus for government securities as a percentage of the amount of the government securities offered for sale at auction.

The term “Repo transactions” (concluding general repo agreement) means prompt sale/purchase of government securities with an obligation to purchase/sell them again.



Note: it is about a "relatively new" market, which, though fully covered by the regulation, is still insufficiently active. For additional and expert advice contact the listed contact persons, as well as parts of the web pages of the Ministry of Finance and National Bank of the Republic of Macedonia for government securities:

Contact persons

Emilija Petreska
Phone: (+389 2) 3168-366
Fax: (+389 2) 3113-228

Aleksandar Georgievski
Phone: (+389 2) 3168-363
Fax: (+389 2) 3113-228