During March, the National Bank of Moldova conducted 16 Government Securities auctions, for which the Ministry of Finance offered on the primary market GS to the total sum of MDL 260 mln. According to the data provided by NBM, the demand of the banks constituted more than MDL 400.1 mln, exceeding the offer by 153.9%. The supply of the MF was entirely placed. The share of the GS purchased by the non-banking investors increased from 5.6% in February 2007, up to 15.3% in March. The structure of the treasury bills with the maturity period of up to one year is still unchanged – the bills were issued with a maturity period of 91, 182 and 364 days, the share of which constituted 96.2% of the total. The weighted average of the interest of GS placed on the primary market with the maturity period of up to one year constituted 11.48% annually, compared with 13.52% in February 2007. The effective yield of the interest of GS with a maturity period of two years went down by 2.78 percentage points, compared with the previous month, constituting 13.86%.