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Sep 12, 2007 14:33 EEST
September 12 (SeeNews) - Romania rejected all bids worth 338.3 million lei ($141.6 million/102.2 million euro) at Wednesday's aution for 100 million lei in six-month Treasury bills, central bank data showed.
The reason for the bank's decision was not immediately known.
At the last auction of six-month T-bills, held on August 8, the average yield was 6.70%, down from 6.83% achieved in the previous auction.
The ministry has said that it plans to issue 400 million lei worth of government securities in September to finance and refinance public debt. The next auction of government paper is scheduled for September 20, when the ministry will offer 100 million lei in three-year T-notes.
The BNR auctions government paper on behalf of the Finance and Economy Ministry. The central bank has sold government securities worth some 8.3 billion lei so far this year.
European Union newcomer Romania liberalised its capital market last year, allowing foreign nationals to buy government securities. The country set a ceiling of 4.4 billion euro ($6.1 billion) for the government's foreign borrowing in the current year and a domestic borrowing ceiling of 19 billion lei. Romania joined the EU in January.
(1 euro = 3.3084 Romanian lei)
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