Korea to sell W1tr worth of Treasury bills in August

South Korea plans to sell 1 trillion won ($900 million) worth of Treasury bills this month to help stabilize the money market and cover government expenses, the finance ministry said Friday.

The bills will have a maturity of 63 days and be sold in two separate auctions throughout the month, according to the Ministry of Strategy and Finance.

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.

Following the planned sales of additional Treasury bills, the outstanding amount of Treasury bills is expected to reach 2 trillion won at the end of August, the ministry said. (Yonhap)