SEOUL, May 7 (Yonhap) — South Korea plans to sell 2 trillion won (US$1.8 billion) worth of Treasury bills this month to repay maturing debt, the finance ministry said Friday.

The bills, which have a maturity of 63 days, will be sold in two separate auctions in 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 debts should be repaid within the year of issuance.

This undated photo, provided by the Ministry of Economy and Finance, shows the exterior of the ministry building in the administrative city of Sejong, around 120 kilometers south of Seoul. (PHOTO NOT FOR SALE) (Yonhap)