Foreign investors bought government securities worth 73m RON (around 20m euros) in auctions staged on the primary market in the third quarter of the year, after staying away from these instruments for several months before that. “After a five-month absence, non-residents returned to the primary market of government securities in July and August, by submitting purchasing bids worth around 293m RON,” reveals the NBR (National Bank of Romania) in its third-quarter report on inflation. The primary market is where T-Bills and newly-issued government bonds are sold. The auctions are organised by the NBR, and 12 local banks are involved as primary dealers in these auctions. The primary dealers place security purchasing offers both on their own behalf and on behalf of their clients. According to NBR data, in the third quarter, the state issued bonds and T-Bills worth 1.26bn RON (equivalent to 352m euros, at the average exchange rate of this period, of 3.57 RON/euro).

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