The Maldivian government is looking to raise more than MVR 1.1 billion through the sale of Treasury bills as part of efforts to meet its short-term cash requirements.
The Ministry of Finance announced four Treasury bills for subscription on Sunday, with maturities ranging from 28 days to one year.
The bills being offered are:
- MVR 265 million for 28 days at an interest rate of 3.50 percent
- MVR 55.03 million for 98 days at 3.87 percent
- MVR 255 million for 182 days at 4.23 percent
- MVR 535 million for 364 days at 4.60 percent
The Treasury bills are being offered for subscription on Sunday, with payment required by the following day.
Treasury bills are short-term government securities generally issued to help meet government financing and cashflow needs. They are commonly purchased by financial institutions, the Maldives Pension Administration Office, state-owned companies and other eligible investors.
The latest issuance comes as the government continues to rely on domestic borrowing to support its financial requirements.
According to the Finance Ministry, the government currently has around MVR 100 billion in outstanding government securities.
