South Korea plans to sell 3 trillion won ($2.6 billion) worth of Treasury bills next month to speed up frontloading of the government spending in the coming months, the finance ministry said Tuesday.
The bills will have a maturity of 63 days and be sold in three separate auctions throughout the month, according to the Ministry of Strategy and Finance.
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(Yonhap) |
Treasury bills are designed to raise money to cover short-term financial shortfalls, and thus are generally sold with a maturity of less than a year.
The ministry said the South Korean government will issue an average 4 trillion won worth of Treasury bills every month in the first half of the year in a bid to support its expansionary fiscal policy and prop up Asia's fourth-largest economy.
It is pushing forward with using more than 30 percent of the 400.5 trillion-won budget earmarked for 2017 in the first three months of the year.(Yonhap)
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