Finance Ministry announce selling of T-Bills

Ministry of Finance announced the selling of MVR 1.5 billion in Treasury Bills (T-Bills) to manage government finances.

As per the announcement from the ministry, four T-bills are to be sold with a short-term repayment.

T-Bills to be sold:

·        28 days repayment: MVR 674 million with 3.50 percent interest

·        98 days repayment: MVR 188 million with 3.87 percent interest

·        182 days repayment: MVR 205 million with 4.23 percent interest

·        364 days repayment: MVR 466 million with 4.60 percent interest

Those buying the bills are required to finish payments by the 14th of February.

T-bills are a financial instrument sold by central banks to meet government budget financing requirements with a fixed interest rate and a maturity period of one year or less. 

The government has on previous occasions sold T-Bills in the short term, such as those sold in January 2021 worth MVR 1.8 billion