Ministry of Finance Announces Sale of MVR 4.5 Billion in Treasury Bills

The Ministry of Finance has announced the sale of MVR 4.5 billion in treasury bills (T-Bills).

The government is offering four T-Bills with varying maturity periods: 28 days, 98 days, 182 days, and 364 days. These include a MVR 700 million bill, a MVR 900 million bill, and a MVR 1.8 billion bill.

advertisement

The T-Bills on offer include a MVR 700 million bill, a MVR 900 million bill, and a MVR 1.8 billion bill, with interest rates ranging from 3.5 to 4.6 percent.

Key investors in these T-Bills include commercial banks, the Maldives Pension Administration Office (MPAO), state-owned enterprises (SOEs), and private companies.

This move is part of the government’s strategy to raise capital through the sale of T-Bills. However, the announcement comes shortly after the Maldives’ credit rating was downgraded by two global credit rating agencies, Fitch Ratings and Moody’s. Both agencies cited the rapid increase in state debt as the primary reason for their downgrade.