Government offers T-bill worth 2.6bn

The Finance Ministry has offered an MVR 620mn T-bill with 27 days repayment and an MVR 693mn T-bill with 97 days repayment. In addition, a T-bill worth MVR 1bn with an 181-day repayment period and a T-bill with a value of MVR 300mn with a 363-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.