TABLE 4.5
Implicit yield  of 91-Day T-Bills at cut off price
                             (Per cent per annum)
---------------------------------------------------
Month	       1995-96	          1996-97
---------------------------------------------------
April	         11.99	            12.97
	         11.99	            12.84
	         12.03	            12.63
	         11.90	            12.46
	         11.40
May	         11.95	            12.41
	         12.07	            12.37
	         12.07	            12.37
	         12.07	            12.37
June	         12.33	            12.41
	         12.33	            12.41
	         12.37	            12.41
	         12.58	            12.41
July	         12.71	            12.41
	         12.97	            11.86		
                 12.97	             9.88		
                 12.75	             9.21
		                     9.46
August	         12.67	             9.04
	         12.67	             8.46		
                 12.63	             9.46
	         12.58	             9.96
		                     9.96
September	12.54	             9.96
	        12.54	            10.00
	        12.54	            10.13
	        12.67	            10.17
	        12.67
October	        12.67	            10.17
	        12.75	            10.09
	        12.80	            10.05		
                12.88	             8.83
November	12.97	             6.92
	        12.97	             7.21
	        12.97	             7.21
	        12.97	             8.16
		 8.16
December	12.97	             8.04
	        12.97	             8.16		
                12.97	             8.16
	        12.97	             8.16
January	        12.97	             8.16
	        12.97	             8.16
	        12.97	             8.12
	        12.97	             8.00
	        12.97	             7.50
February	12.97
	        12.97
	        12.97
	        12.97
March	        12.97
	        12.97
	        12.97
	        12.97
	        12.97


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