The Finance Ministry is launching on Monday new retail government securities under the Tezaur Program, with interest rates ranging from 3.50 to 4.5 percent per annum, depending on maturity.
According to the issue prospectus published in the Official Journal, the face value of a security is 1 RON; one-year securities carry an interest rate of 3.50 percent per annum, those with a two-year maturity - 4 percent, and those with a three-year maturity - 4.5 percent.
Subscriptions are open until October 31, 2019 through the postal offices and the Romanian Treasury.
The individuals' income from underwriting and holding government securities is tax-free.
The funds raised via these security issues will be used to finance the budget deficit and refinance the public debt.
The issue of retail government securities will continue throughout 2019. Each month, there will be a three-week subscription period and the maturities will be determined according to the interest expressed by investors.