The subscription period for government securities (GS), available through the online platform eVMS.md, opened yesterday and will run until July 30, 2025. This is the first of three rounds scheduled for the third quarter of this year.
Within this round, the government offers individuals to invest in government bonds with maturities: 2 years at a fixed annual interest rate of 6.7% and 3 years at 6.9%. Recall that at the May auction, the same government bonds were placed at 7.6% and 7.8% per annum, which means the game to lower the cost of domestic borrowing among the population.
There is a clear trend of GS yield decrease both for commercial banks and among the population. Consequently, the volume of demand and, accordingly, purchases will decrease, if the yield on government securities will eventually fall to the average rate of commercial banks on attracted deposits from individuals (5%).
From April 2025, the Ministry of Finance switched to a monthly frequency of issuance of government securities, which was intended to provide more flexible access to savings and investment instruments. From the launch of the platform until mid-2025, a total of 612.2 million lei was invested through eVMS.md. More than 5,600 people registered on the platform, of which about 2,140 participated in at least one round of subscriptions.
The next subscriptions in the third quarter are scheduled for the periods: August 18 – 27, 2025 and September 8 – 17, 2025.
