Debt managers, who had planned to sell 200 million lei, last issued the paper in November 2017 at an average yield of 1.35 percent. On Monday, bids totalled 608 million lei ($162.04 million).

Low market liquidity and a rise in yields have driven the finance ministry to reject all bids at several tenders in the last months of 2017.

So far this year, Romania has issued 3.4 billion lei in debt.