Croatia's Finance Ministry on Tuesday sold nearly 1.81 billion kuna (€240 million) worth of one-year treasury bills, at 0.1 percent interest rate., exceeding expectations.

Ahead of the maturity of 2.34 billion kuna (€310 million) worth of treasury bills, the ministry prepared a new 1.5 billion kuna (€199 million) issue, attracting 2.01 billion kuna (€266 million) in bids, state agency Hina reported.

Hina did not say when the previously auctioned bills are due. At an earlier auction in early March, Croatia’s treasury bills were offered at 0.05 percent interest.

“The continuation of favorable borrowing terms is a result of the high surplus liquidity in the domestic financial system, which totals 75 billion kuna (€10 billion),” Hina said, probably citing a press release.

The balance of subscribed treasury bills has now been reduced by 532 million kuna (€70 million) or 4 percent, to 12.44 billion kuna (€1.65 billion).

(€1 = 7.54 kuna)