The Ministry of Public Finance (MFP) plans to borrow some EUR 752 million from commercial banks in March, EUR 698 million of which through seven auctions of treasury bills and bonds, and some EUR 54 million through additional session of non-competitive bonds, related to the auction bonds.

The Ministry will use the money to refinance debt and finance the state budget deficit, reports local Economica.net.

MFP will organize an auction of treasury bills at a discount on March 23, worth EUR 112 million, and another on March 26, worth EUR 225 million. It will also hold five auctions of bonds with maturities of three, five, seven and ten years, each followed by an additional session of non-competitive bonds.

In the first two months of this year, MFP borrowed over EUR 1.87 billion from local banks.

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