Romania Steps In to Help Currency as Short-Term Yields Surge
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Romania’s central bank said it has intervened to help protect the leu from upheaval triggered by this week’s government collapse. The currency started to stabilize after touching a new record low and short-term yields spiked.
In a test of investor appetite for Romanian debt, the finance ministry sold the planned 500 million lei ($110 million) in 8-month T-bills Thursday. Yields jumped to 8.21%, compared with 6.7% at an auction of 11-month bills last month.