T-bills worth MVR 4.3 billion sold

The government has sold an additional MVR 4.3 billion in treasury bills (T-bills) so far this year, according to the Ministry of Finance.

Figures show that the total value of domestic instruments T-bills and bonds has reached MVR 86.2 billion, up from MVR 82 billion at the start of the year. Of this, T-bills account for MVR 39 billion, while Islamic instruments have brought in MVR 4.1 billion.

This year’s budget allocated MVR 5 billion to be raised from the domestic market. The government auctions T-bills weekly, with maturities ranging from one month to one year, carrying interest rates of 3.5 percent to 4.6 percent. The budget has earmarked MVR 3 billion for interest payments in 2025.

Overall, the total outstanding T-bills and bonds issued both domestically and abroad now stand at MVR 95 billion, up from MVR 91 billion at the start of the year. More than 60 percent of financing needs are planned to be met through foreign financial institutions, according to the budget.

The Finance Ministry also said that Maldives’ total public debt reached MVR 149 billion by the end of the second quarter of this year.

The Finance Ministry also reported that Maldives’ total public debt reached MVR 149 billion by the end of the second quarter of this year.