S. Korea to sell 6 tln won worth of Treasury bills in May

SEJONG, April 28 (Yonhap) -- South Korea plans to sell 6 trillion won (US$4.9 billion) worth of Treasury bills next month to support its expansionary fiscal policy, the finance ministry said Tuesday.

The bills, which have a maturity of 63 days, will be sold in four separate auctions throughout May, according to the Ministry of Economy and Finance.

Treasury bills are usually floated 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 proceeds from the Treasury sales will be used to speed up the frontloading of state spending in the coming months.

The balance of Treasury bills is expected to reach 11 trillion won by the end of May, the ministry said.

kdh@yna.co.kr
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