Maldives to sell MVR 2.2 billion in T-bills

Maldivian government, on Sunday, issued invitation to subscribe to treasury bills worth over MVR 2 billion. 

According to an announcement released by the Finance Ministry, the government is selling T-bills worth MVR 2.2 billion. 

The T-bills up for subscription includes an MVR 40 million T-bill which matures in 28 days, an MVR 240 million T-bill which matures in 98 days, an MVR 135 million T-bill which matures in 182 days, and an MVR 1.6 billion T-bill which matures in 364 days. 

The interest rate ranges between 3.50 percent to 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.