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. Last Updated: 07/27/2016

Almaty Cancels Auction

ALMATY, Kazakhstan -- Kazakhstan's Finance Ministry has canceled its second three-month treasury-bill auction in as many weeks, the ministry said in a statement Wednesday.

A ministry spokesman said the Tuesday auction had been declared null and void for the same reason as last week's cancellation -- that commercial banks were only prepared to buy paper at higher yields, which the ministry declined to raise.

Finance Minister Sauat Mynbayev told reporters late Tuesday that banks had begun to demand higher yields.

"We cannot offer a sufficiently high yield because in this case we would be following the Russian way, and would be unable to service our sovereign debt," he said.