Gov't sells T-bill worth MVR 3.4 bln

T-bills worth MVR 3.49 billion have been sold by the Finance Ministry to cover government expenditures.

Earlier on November 16, the Finance Ministry announced that T-bills worth MVR 3.3 billion were up for sale. However, information released by the ministry following the sale shows the ministry had sold MVR 3.4 billion worth of T-bills.

The Finance Ministry sold a T-bill worth MVR 453 million with a 28-day repayment period, an MVR 333.7 million T-bill with a 98-day repayment period, an MVR 999.8 million T-bill with a 182-day repayment, and an MVR 1.7 billion T-bill with 364-days repayment period.

The interest rate on the T-bills ranges from 3.50 percent to 4.60 percent. The current interest rates on T-bills in the Maldives are 3.50 percent for one month. A three-month T-bill sells at 3.87 percent, while a six-month T-bill sells at 4.23 percent. One-year T-bills sell at 4.6 percent.

The T-bills sold by the government are bought by the Pension Fund, some banks, and some government-owned companies. Some private companies also buy T-bills.