The Ministry of Finance today has opened the sale of Treasury bills (T-bills) worth MVR 2 billion.
The ministry has announced the sale of T-bills totaling MVR 2.020.8 million (MVR 2.02 billion). The MVR 40 million T-bill is being sold for a period of 28 days. A MVR 240 million T-bill is being sold for 98 days, MVR 135 million T-bill is being sold for 182 days, and an MVR 1.6 billion T-bill is being sold for 365 days.
Interest rates for the T-bills are between 3.50 percent and 4.60 percent. The one-month T-bill is being sold at an interest rate of 3.50 percent.
The three-month T-bill has an interest rate of MVR 3.87 percent. The six-month T-bill has an interest rate of 4.23 percent, and the 365-day T-bill is being sold at a 4.6 percent interest rate.
This is the second time T-bills are being sold this month. Figures from Maldives Monetary Authority (MMA) show that the government on August 1 announced the sale of T-bills worth MVR 2.6 percent.
According to central bank MMA's data, the government sold MVR 1.5 billion in T-bills last year in order to manage the state's expenses.