South Korea plans to sell 3 trillion won ($2.6 billion) worth of Treasury bills this month to help stabilize the money market and cover government expenses, the finance ministry said Wednesday.

The bills will have a maturity of 63 days and will be sold in three separate auctions throughout the month, it added.

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 7 trillion won at the end of May, the Ministry of Strategy and Finance said in a press release. (Yonhap)