Govt sells MVR 1.9 billion in T-bills to manage cashflow

The Maldivian government has sold MVR 1.9 billion in treasury bills to manage cashflow.

According to information released by the Finance Ministry, four T-bills were sold on Sunday and settled on Monday.

The T-bills sold were:

• An MVR 1.2 billion T-bill with an interest rate of 3.5 percent which matures in one month
• An MVR 35 million T-bill with an interest rate of 3.87 percent which matures in three months
• An MVR 325 million T-bill with an interest rate of 4.23 percent which matures in six months
• An MVR 317 million T-bill with an interest rate of 4.6 percent which matures in one year

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 85.4 billion in outstanding securities.