Maldives Monetary Authority (MMA) plans to sell treasury bills worth MVR 1.2 billion. This is the largest amount of treasury bills sold since 2014.
As per MMA website, earlier in January, MVR 1 billion was sold off, with the same amount sold off three times this month alone. Treasury 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.
Statistics of MMA show that the Government so far has sold MVR 21.7 billion as treasury bills, bonds and Islamic securities. This amounts to over 80% of the state budget. This year the state budget was fixed at MVR 26.8 billion.