Ministry of Finance announced the selling of MVR 1.5 billion in Treasury Bills (T-Bills) to manage government finances.
As per the announcement from the ministry, four T-bills are to be sold with a short-term repayment.
T-Bills to be sold:
· 28 days repayment: MVR 674 million with 3.50 percent interest
· 98 days repayment: MVR 188 million with 3.87 percent interest
· 182 days repayment: MVR 205 million with 4.23 percent interest
· 364 days repayment: MVR 466 million with 4.60 percent interest
Those buying the bills are required to finish payments by the 14th of February.
T-bills are a financial instrument sold by central banks to meet government budget financing requirements with a fixed interest rate and a maturity period of one year or less.
The government has on previous occasions sold T-Bills in the short term, such as those sold in January 2021 worth MVR 1.8 billion