SEJONG, May 29 (Yonhap) — South Korea plans to sell 7 trillion won (US$5.7 billion) worth of Treasury bills next month to support its expansionary fiscal policy, the finance ministry said Friday.
The bills, which have a maturity of 63 days, will be sold in four separate auctions throughout June, 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 14.5 trillion won by the end of June, the ministry said.