Romania Plans To Sell Up To RON16B Treasuries In 1Q 2011
Romania’s Finance Ministry plans to sell state paper worth between 14 billion lei (EUR3.2 billion) and RON16 billion in the first quarter of 2012, according to an announcement posted Tuesday on the ministry’s website.
In the first quarter of 2011, the ministry sold state treasuries worth of RON15.1 billion, but in the last quarter it sold just RON11.4 billion worth of paper.
The ministry plans to finance half of next year’s budget deficit, estimated at 1.9% of GDP, from the domestic market. According to the 2012 budget law, the deficit is seen at RON11.2 billion, and the other half should be covered from external loans.
The ministry’s issuance plan is also derived by the state’s refinancing needs. In 2012, treasury paper worth RON52.4 billion reaches maturity.
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