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Public Finance Ministry issues 5 pct interest rate state securities for population

Inquam Photos / Octav Ganea
protest Ministerul de Finante avioane de hartie declaratia 600

The Ministry of Public Finance (MFP) is launching the first issue of securities in the Treasury Programme - the Centennial edition, worth 1 leu, with a 5 percent interest rate and five-year maturity, according to a press release of the institution. 

The securities can be purchased by 18-year old resident individuals at the date of their subscription and revenues are non-taxable. 

The individuals can purchase the securities through the following distribution channels: from 15 June to 6 July 2018 in the operational units of the State Treasury in their tax residency range; 15 June to 5 July 2018 through the network of post offices of the Romanian National Post Office Company (Posta Romana, CNPR) in urban settings and from 15 June to 4 July 2018 in rural areas. 

According to MFP an investor can carry out, under the underwriting period, one or more underwritings in one issuance, but their maximum cumulated amount cannot exceed the value threshold of 100,000 lei for the underwriting conducted through the operational units of the State Treasury and respectively 100,000 lei for subscriptions carried out through the post branch offices of the Romanian Post National Company. 

The state securities are in book-entry form, cannot be redeemed before maturity, are non-transferable and non-tradeable. The interest rate is annual, payable at the deadlines mentioned at the issuance listing. In case of death, the ownership rights over the state securities is transferred to heirs, who need to show the legal documents attesting to their heir quality. 

"The Centennial state securities issuance brings to the forefront the Romanian investor and guarantees him a non-taxable interest rate better than in the case of bank deposits. The state guarantees one hundred percent the amounts deposited, the accrued interests and it is fair to pay for the state securities aimed at the population the same it pays for those aimed at financial markets," Eugen Teodorovici, the Finance Minister said. 

The issuance of state securities for the population will continue in the upcoming months, possibly with other maturities as well that are due to be establishes depending on the interest for this first offering, until the consumption of the annual threshold established for 2018 at an indicative level of 4 billion lei.

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