S. Korea to sell 2 trillion won of treasury bills in July

South Korea will sell 2 trillion won worth of treasury bills with a maturity of 63 days in four separate auctions this month to repay maturing debt.

With the sale, South Korea's outstanding amount of treasury bills is seen increasing to 15 trillion won next month, according to the finance ministry.

The finance ministry added that proceeds from the debt sales would support major state projects and repay maturing debt.

The floating of treasury bills raises money to cover short-term financial shortfalls.

Treasury bills are usually sold with a maturity of less than a year with the debts to be repaid within the year of issuance.