K. Male' | Rushdha Rasheed | 25-August-2017 | Friday 15:29 | rushdhar | Business | 909
The Government of Maldives is to sell off a record amount of treasury bills.
The Government through Central Bank, Maldives Monetary Authority (MMA) is planning to sell of MVR 1.2 billion t-bills. This is the largest amount of t-bills sold since 2014.
The bills will go on sale on 29th of this month.
Earlier in January, MVR 1 billion was sold off, with the same amount sold off three times this month alone, as per MMA website.
T-bills are sold on a weekly basis. The bills are a short-term debt obligation backed by the government with a maturity of less than one year. The maturity periods are set at 28-days, 91-days, 182-days and 364-days at a fixed interest rate.
MMA website statistics show that the Government so far has sold MVR 21.7 billion as t-bills, bonds and Islamic securities. This amounts to over 80 percent of the state budget. This year the state budget was fixed at MVR 26.8 billion.
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