Maldives' outstanding govt securities hit MVR22 bln

The total outstanding stock of government securities, which includes treasury bills and treasury bonds totaled MVR22.0 billion at the end of October, central bank statistics have shown.

According to Maldives Monetray Authority (MMA) economic review for November said the figure registered a slight decline of two percent in annual terms but remained relatively unchanged in monthly terms.

The annual decline was due to a significant fall in the outstanding stock of treasury bills, which was largely off set by a substantial increase in the outstanding stock of treasury bonds, the review said.

MMA said the outstanding treasury bills fell by seven percent (MVR971.3 million) while the outstanding treasury bonds rose by six percent (MVR540.8 million) during the period.

The decline in treasury bills was due to a significant decrease in treasury bills holdings by commercial banks, coupled with a decrease in holdings by public non-financial corporations.

Meanwhile, the growth in treasury bonds largely reflected the conversion of part of the treasury bills to treasury bonds.

In monthly terms, the outstanding stock of treasury bills rose by MVR196.2 million while the outstanding stock of treasury bonds fell by MVR5.1 million.

The increase in treasury bills investments was mainly due to the significant increase in such investments by other financial corporations which was partly off set by the decrease in treasury bills investments by commercial banks.