Liquidity on the monetary market fell sharply at the end of last month. In April alone, the Treasury absorbed 1.5 billion RON by selling T-bills. If adding the T-bills issued in the first two weeks of May they total 1.71 billion RON (a little over 500 million euros), with the sums being attracted for terms of at least a year. Although this is an important sum, it accounts for just part of the volume that the Treasury had originally planned to raise. As the liquidity of the monetary market has gradually gone down, banks have started to ask for higher interest rates for the placement of sums. The state however declined to pay higher yields, going as far as to reject all bids for bond purchasing for a three-year period, starting in April. In the first three months of the year, the Treasury issued T-bills worth 5.9 billion RON (1.7 billion euros), which it managed to place for lower interests, whilst the market was highly liquid at the time. In total, since the beginning of the year, the state has sold T-bills worth 7.6 billion RON (2.2 billion euros).
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