Interest Bearing Treasury Bills were issued for the first time in 1988, and their terms and conditions has changed several times since then. These securities are offered for sale continuously during a successive two-week subscription period, so the capital and the interest can be easely reinvest at redemption. Currently, Interest Bearing Treasury Bills are available at a price below par at the beginning of the subscription period and at par at the end of the period. Sale at a discount is required because Interest Bearing Treasury Bills are paid for in the subscription period, while interest is accrued only from the issue date, which falls on the week following the closing date of the subscription period.

Interest Bearing Treasury Bills are available to resident individuals, legal entities and non incorporated economic associations. These investors may trade Interest Bearing Treasury Bills without limitations through the whole maturity period.

Interest Bearing Treasury Bills can be bought on the primary market from the primary dealers concluding contract for the sale of retail government securities and the branch network of the Treasury.

These securities can be sold before maturity because retail primary dealers and the branch network of the Treasury quote bid prices for these securities. The main principle applied by the branch network of the Treasury in the pricing of Interest Bearing Treasury Bills is to ensure that the yields are adjusted to the yield levels calculated at the bid prices of Discount Treasury Bills quoted by the branch network.