Romania's Finance Ministry managed to borrow euro from local banks at negative rates, finance minister Dan Vilceanu said in a Facebook post quoted by Agerpres.

It is only the second time when this happens after former finance minister (and current prime minister) Florin Citu managed the same performance last year.

"At a time when the market trend shows a rise in interest rates, the Ministry of Finance has managed, for the second time, a negative interest rate loan. Today's issue is worth EUR 176.25 million at average / maximum negative yields of -0.04% / -0.01% and maturity at 2.3 years," Vilceanu wrote.

The Finance Ministry was looking to borrow EUR 100 mln through this bond issue, and the offers from banks totaled EUR 312 mln, according to data from Romania's National Bank (BNR).

(Photo: Tibor Duris/ Dreamstime)

andrei@romania-insider.com