T-bills worth MVR 2 billion have been opened for sale to cover government expenditure.
The T-bills offered by the Finance Ministry include an MVR 1.2 billion T-bill with a 36-day repayment period and an MVR 160 million T-bill with a 92-day repayment period. In addition, a T-bill worth MVR 195.2 million with a 190-day repayment period and a T-bill with a value of MVR 566 million with a 372-day repayment period have also been announced.
The interest rate on the T-bills ranges from 3.50 percent to 4.60 percent.
T-bills are short-term financial instruments. The Maldives government issues T-bills at discounted prices in the local currency, with the face value repayable at the end of the specified repayment period. The T-bills the government sells are bought by the Pension Fund, some banks, and some government-owned companies. Some private companies also buy T-bills.
