Government sells T-Bills worth MVR3.4 billion

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The Finance Ministry has soldĀ  T-bills totaling MVR 3.49 billion to fund government expenses.

On November 16, the Finance Ministry announced the sale of T-bills for MVR 3.3 billion. However, statistics provided by government following the transaction show that the ministry sold MVR 3.4 billion in T-bills.

The Finance Ministry issued a T-bill for MVR 453 million with a repayment period of 28 days, an MVR 333.7 million T-bill with a repayment period of 98 days, an MVR 999.8 million T-bill with a repayment period of 182 days, and an MVR 1.7 billion T-bill with a repayment duration of 364 days.

T-bill interest rates vary from 3.50 percent to 4.60 percent. T-bill interest rates in the Maldives are now 3.50 percent for one month. Three-month T-bills yield 3.87 percent, while six-month T-bills yield 4.23 percent. One-year T-bills are priced at 4.6 percent.

T-bills issued by the government are purchased by the Pension Fund, some banks, and government-owned enterprises. T-bills are also purchased by some private companies.

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