The issuance of Liquidity Bills is a tool used to withdraw excess liquidity in the market in order to increase the effectiveness of monetary policy. According to Article 52 of the Central Bank Law, liquidity bills with a maturity of less than 91 days can be issued on its own behalf. These bills, issued by the CBRT, are securities with the characteristic of a financial instrument created to regulate market liquidity and enhance the effectiveness of open market operations as a monetary policy tool. They are issued by the CBRT on its own behalf at maturities not exceeding 91 days, at a discount. The bills are issued in the form of a single collective document with the characteristics of a valuable paper and can be traded in the secondary market. Liquidity bills, which can also be bought and sold in the secondary market, may be prematurely redeemed by the Central Bank when deemed necessary. Liquidity bills, issued only when deemed necessary to enhance the effectiveness of open market operations, should not be seen as an alternative investment instrument.