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    <title>Public Debt Management report for the quarter of January-March 2022</title>
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    <description>Central government dated securities issuances fell year on year while repayments continued; primary issuance yields hardened and average maturity of new dated issuances increased. No cash management bills were issued and the Reserve Bank did not conduct open market operations for government securities; average daily liquidity absorption under LAF stayed elevated. Total government liabilities rose quarter on quarter with public debt accounting for a larger share; a significant portion of dated securities had residual maturity under five years. Secondary market yields hardened due to increased supply, trading concentrated in the 7-10 year bucket, and commercial bank holdings of government securities increased.</description>
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