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.
(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)
