Podgorica (MINA-BUSINESS) - The Central Bank of Montenegro said on Wednesday that it had sold out the entire 11th issue of state treasury bills worth 2.5 million euros at an average interest rate of 7.02 percent a year. The demand for bills, of a 500-euro denomination, maturing in 28 days exceeded the supply by 1.0 million euros. Accepted interest rates ranged between 6.0 and 8.0 percent a year. Commercial banks purchased 54 percent of the issue and the rest was bought by enterprises. The next auction of 56-day T-bills will be held on May 1. The funds raised will be used by the Treasury to maintain its current liquidity.