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BRIEFLY

March 23, 1993|From Times Staff and Wire Reports

Treasury Interest Rates Fall: The Treasury Department sold $11.2 billion of new three-month bills at an average discount rate of 2.94%, down from 3.0% last week. Another $11.2 billion of new six-month bills was sold at an average discount rate of 3.05%, down from 3.12% the week before. The three-month bill rate was the lowest since they sold for 2.93% on Feb. 16. The six-month bill rate was the lowest since March 1, when they also averaged 3.05%. The new discount rates understate the actual return to investors--3.0% for three-month bills with a $10,000 bill selling for $9,925.70 and 3.14% for a six-month bill selling for $9,845.80. The discount rate reflects the price discount received when government securities are purchased at less than face value.

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