Glossary

(Kazakhstan). Short-term Treasury bills are discount securities. In the Kazakh language, a short-term T-bill is called ‘Мемлекеттiк кыска мерзiмдi казынашылык мiндеттеме’. Its face value is KZT 100. They have tenors of 3, 6, 9 and 12 months. To calculate return the actual number of days in the tenor of a short-term T-bill is taken. They are placed at a discount (below face value) and redeemed at face value. E.g. Kazakhstan, МЕККАМ-12, 125