T-bills worth MVR 4.5 billion have been opened for sale to cover government expenditure.
The Finance Ministry has offered a MVR 700.3 million T-bill with 28 days repayment and a MVR 900.3 million T-bill with a 98-days repayment. In addition, a MVR 1 billion T-bill with 182-day repayment and a MVR 1.87 billion T-bill with 364-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 purchase T-bills.
