Maldivian govt announces sale of MVR 4.2b in T-bills

The Maldivian government has issued invitation to subscribe to treasury bills worth over MVR 4 billion.

According to an announcement by the Finance Ministry on Tuesday, the government is selling T-bills worth MVR 4.2 billion.

The T-bills up for subscription includes an MVR 2.2 billion T-bill which matures in 28 days with an interest rate of 3.50 percent, an MVR 263.4 million T-bill which matures in 98 days with an interest rate of 3.87 percent, an MVR 69 million T-bill which matures in 182 days with an interest rate of 4.23 percent, and an MVR 1.7 billion T-bill which matures in 364 days with an interest rate of 4.60 percent.

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. T-bills are usually bought by banks that operate in Maldives, the pension office, state-owned enterprises, and some private companies.

Maldivian government currently has MVR 76 billion in outstanding securities.