TABLE 4.6
Implicit yield of 364-Day T-Bills at cut-off price
                           (Per cent per annum)
---------------------------------------------------
Month	         1995-96      1996-97
---------------------------------------------------
April	           12.08	13.12
	           12.21	12.99
		                12.99
May	           12.50	12.94
	           12.52	12.94
June	           12.52	12.94
	           12.60	12.97
July	           12.71	12.87
	           13.16	12.61
August	           13.16	12.61
	           12.87	12.61
		                12.61
September	   12.87	12.61		
                   12.87	12.61		
                   12.91
October	           12.93	12.61
	           12.94	12.10
November	   12.99	10.10
	           12.99	10.40
December	   12.99	10.33
	           12.99	10.33
January	           13.07	10.33
	           13.12	10.10
February	   13.12			
                   13.12
March	           13.12			
                   13.12

From the database of Ministry of Finance disseminated on Internet through NICNET