Asset Publisher

The Ministry of Public Finance issues government securities monthly in the form of treasury bills and bonds to finance the budget deficit and refinance public debt. These instruments are issued through the National Bank of Romania, as State agent and market administrator of market operations with government securities issued on the domestic market in dematerialized form, in national or foreign currency.

These instruments are issued on the interbank market by organizing periodical auctions in which Primary market participants can take part, having acquired primary dealer status, in accordance with the law. Individuals and legal entities, residents and nonresidents can conduct operations with government securities in the primary market for government securities administered by the NBR only through a primary dealer. The characteristic elements of government securities, the amount, maturity and and auction dates are announced at the end of each month for the following month by order of the Minister of Finance and published in the Official Gazette.

Treasury bills have maturities of up to 12 months while bonds have maturities greater than 12 months. Compared to treasury bills, bonds bear annual interest coupon form.