Romania Plans To Sell 500 Mln Euro in One-year T-bills on Nov 26

The funds generated by the auction will be used to finance the budget deficit and to repay public debt, the ministry said in a statement.

Romania had a consolidated budget deficit of 25.56 billion lei ($8.88 billion/5.97 billion euro) through September, the latest data from the Finance Ministry showed.

The auction will be the second batch of government securities denominated in hard currency issued this month. On November 6, Romania sold 793.8 million euro in three-year Treasury notes.

Earlier this month the ministry said it plans to issue 6.0 billion lei worth of government securities in November to finance and refinance public debt.

Romania has sold 52.435 billion lei in government debt paper so far this year. It sold government securities worth nearly 12 billion lei last year, up from 8.7 billion lei in 2007.

(1 euro=4.278 Romanian lei)