Government Announces Selling Of T-bills Worth 2.2 Billion Dollars

T-bills are a type of financial instrument that central banks sell to meet government budget financing needs. They have a fixed interest rate and a one-year or shorter maturity period.

The T-bills up for subscription includes one MVR 40 million T-bill which matures in 28 days, one MVR 240 million T-bill which matures in 98 days, a MVR 135 million T-bill which matures in 182 days, and a MVR 1.6 billion T-bill which matures in 364 days. The interest rate ranges from 3.50 to 4.60 percent for these bills.

This is the second time this month that the government has opened for subscription to T-bills. These are usually sold every week.