FinMin Cancels 3-Yr T-note Auction Planned for Feb 25

FinMin Cancels 3-Yr T-note Auction Planned for Feb 25

The finance ministry said it canceled an auction for 40 million levs ($27 million/20.5 million euro) in three-year Treasury notes scheduled for February 25 in a bid to temporarily limit domestic borrowing.

"The decision also takes into account the fact that the fiscal reserve is stable and well balanced year on year and that the estimates are that it would exceed the target planned as of the end of the year," the finance ministry said in a statement.

On Wednesday, Bulgaria issued six-month T-bills worth 800 million levs at an average weighted annual yield of 1.0% to keep its fiscal reserve at a sustainable level, following the government's decision to use funds from that reserve to pay subsidies to local farmers.

The decision to cancel the auction followed the resignation of prime minister Boiko Borisov's centre-right government, which parliament accepted earlier on Thursday.

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