MVR 12.7 bln T-bill, MVR 7.3 bln T-bond sold

Central Bank, Maldives Monetary Authority (MMA) has revealed that by the end of last month, the Authority had sold MVR 12.7 billion of T-bills and MVR 7.3 billion as T-bonds.

Speaking in yesterday's Finance Forum, MMA Financial Sector Development Unit Senior Manager Ahmed Imad said T-bills had been sold to the Pension Fund as well.

"Treasury Bonds had been sold to Pension. Two companies bought corporate bonds," Imad said.

Responding to questions from the Parliament regarding this year's budget, Finance Minister Abdullah Jihad said the number of banks and private individuals buying T-bills had increased by 22 percent.

Champa Brothers is the largest buyer of T-bills. Finance Minister said the company had purchased MVR 221 million in T-bills. Crown company is the second largest buyer with MVR 16 million in T-bills. Bank of Maldives is the third.

The Government had reduced the interest rates on T-bills, from 9 percent to between 3.5 percent and 4.6 percent.