MVR 2.2 billion in T-bills sold

The government has sold MVR 2.2 billion in Treasury bills, said the Finance Ministry said.

T-bills worth MVR 912 million, MVR 230 million, MVR 100 million and MVR 980.5 million were sold on repayment basis, according to the Finance Ministry.

From these, MVR 912 million was sold at an interest rate of 3.50 percent and repayable in one month. T-bills worth MVR 230 million were sold at an interest rate of 3.87 percent.

The government sold MVR 100 million T-bills to be repaid within six months at an interest rate of 4.23 percent and T-bills of MVR 980.5 million is repayable within one year at 4.60 percent interest.

The Finance Ministry has announced the sale of MVR 1.7 billion in T-bills, with the total amount of T-bills repayable exceeding MVR 29 billion.

The T-bills, were officially offered for sale on Monday, include a T-bill worth MVR 554 million, a T-bill worth MVR 44 million, a T-bill worth MVR 233 million and a T-bill worth MVR 885 million.

The Ministry of Finance opens the sale of T-bills once a week. T-bills are usually sold to pension funds, some banks, some government-owned companies and private companies to meet the government's cash flow.

The government sells T-bills under four standards. They are repayable within 28 days, 91 days, 182 days and 364 days. If not repaid within the given period, interest will accrue for additional days.