Gov’t Sells Treasury Bills Worth USD 117 Million

The Ministry of Finance has announced the sale of USD 117 million worth of Treasury bills (T-bills) to cover government expenditures. 

The sale included four separate T-bills with varying maturity periods. The breakdown of the sale is as follows: a T-bill worth USD 84.7 million with a 28-day maturity, a T-bill worth USD 1.3 million maturing in 98 days, a T-bill worth USD 15 million with a 182-day maturity, and a T-bill worth USD 19 million maturing in 364 days. The interest rates on these T-bills range from 3.50% to 4.60%.

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T-bills are short-term financial instruments issued at discounted prices in the local currency, with the full face value repayable at the end of the maturity period. While these instruments benefit investors, the state does not gain directly from the issuance. 

Typically, T-bills are purchased by banks, the Maldives Pension Administration Office, and various public and private companies.