Romania’s Ministry of Finance plans to continue issuing state securities for the population under the Tezaur program and to relaunch the program Fidelis that will ensure the distribution of state securities to individuals through banks as well as listing them on the Bucharest Stock Exchange, according to the fiscal-budgetary strategy for 2020-2022, Economica.net reported.

Furthermore, the ministry is working on drafting regulations that would help it curtail the exposure to exchange rate and interest rate risks by using derivative financial instruments such as currency swap and interest rate swap.

The Finance Ministry says it also intends to use “specific secondary market operations” such as early repurchasing or rolling over government securities.

In this respect, the ministry, together with the National Bank of Romania (BNR), will draft the procedures aimed at launching such instruments.

"Between 2020 and 2022, the financing of the state budget deficit and the refinancing of the governmental public debt will be achieved in a balanced manner from internal and external sources. The Ministry will maintain the flexibility regarding the moment of accessing the international markets and the volume of the external issues, taking into account the associated costs, risk considerations, as well as the evolution of the local market," reads the fiscal and budgetary strategy.

Finance minister Florin Citu worked many years as head of treasury and chief economist at ING Bank in Bucharest.

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