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Finances drew 2.35 billion lei at three months, with an average profit of 11.46%
The minister of public finances (MFP) sold treasury instruments with discount, maturity of three months for which they obtained over 2.35 billion lei ( 548.6 million euro) of almost 2.4 times over the announced sum with an average rate of 11.46%. The value initially announced for the bid was of 1 billion lei and the maximum profit accepted by MFP for instruments with maturity of three months was of 11.49%, much under the interest taken at the previous bid. The banks presented total bids of over 2.961 billion lei ( 691.3 million euro) with 26% more than the sum drawn by the finances. At the previous bid, of January 22 2009, for state bonds with maturity of three months, the minister had drawn 1.708 billion lei ( 396 million euro) with average profit of 12.36% per year. MFP thus drew in February 6.176 billion lei with 14.4% more than it had estimated, after the first month of 2009 the minister sold state bonds of 6.56 billion lei ( almost 1.5 billion euro) through six bids, to finance and refinance the public debt. The need for money of the finaces comes on the background of the budgetary deficit of the last months of the year which reached 5.21% of GDP according to European standards.