Maldivian government announces sale of MVR 2.2 billion in T-bills

Maldivian government, on Wednesday, 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 429 million T-bill which matures in 28 days with an interest rate of 3.50 percent, an MVR 245 million T-bill which matures in 99 days with an interest of 3.87 percent, an MVR 240 million T-bill which matures in 182 days with an interest rate of 4.23 percent, and an MVR 1.3 billion T-bill which matures in 364 days with an interest rate of 4.60 percent.

The sales date is January 15, and the settlement date is January 16.

It marks the second invitation to subscribe to T-bills issued by the government this year. The first was issued in January for MVR 3.4 billion worth of T-bills.

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 66.9 billion in outstanding securities.