Finance Ministry after 104m euros

The rise in the central bank’s benchmark rate on the interbank money market from 19.25% to 20.25% a year and the banks’ reluctance to invest their cash in government securities over the last couple of months have not put the Finance Ministry off. The Ministry will auction T-bills and interest-bearing treasury bonds, worth 4,000bn ROL (some 103.9 million euros) this month. The T-bills will be distributed over four issues maturing in three to twelve months set to amount to 2,600bn ROL. The first auction was scheduled for October 7 and will be aimed at one-year T-bills worth 1,000bn ROL. A second auction for one-year T-bills, this time worth 900bn ROL will be held on October 21. The treasury bonds will mature in two and three years and have the interest paid every year. ZF