Finance Ministry sells only half of T-Bills in H1

The Ministry of Economy and Finance (MEF) sold T-Bills worth half the originally estimated value in the first six months, but the estimated value of issues in the first three quarters reached 13 billion RON, exceeding the original full-year estimate, of 11 billion RON. Based on estimates regarding revenue collection and the execution of budgetary expenditures, as well as the volume of the public debt in need of refinancing, the MEF announced it intended to issue T-Bills worth 4 billion RON and 3 billion RON respectively, in the first two quarters of the year. However, the Treasury sold T-Bills worth around 4.5 billion RON, compared with the cumulated level estimated for January-June, of 7 billion RON. June saw the sale of securities worth almost 658 million RON, lower than the estimated 2.6 billion RON. The ministry also relied on short-term financial instruments this year, since market conditions led to higher interest rates, amid forex fluctuations prompted by the liquidity shortage experienced worldwide, and amid higher inflation.