Ministry of Finance has revealed on commencing another round of Treasury Bill (T-Bill) sale in order to adjust state expenses.
Moreover, the T-Bill sale will aimed towards internal markets and will proceed on a weekly basis.
According to the state body, the state will be selling T-Bills worth MVR135 million with a 28-day repayment plan along with MVR170 million T-Bills with a repayment of 98 days. In addition to this, state will sell MVR55 million worth T-Bills with a repayment period of 182 days and MVR368 million worth T-Bills with a repayment period of 364 days.
Furthermore, the interest rates of the T-Bills are as follows;
- T-Bills (one month) – 3.50%
- T-Bills (three months) – 3.87%
- T-Bills (six months) – 4.23%
- T-Bills (one year) – 4.6%
The state body in their medium-term fiscal strategy has revealed that the state stands to earn MVR6.6 billion from the sale of T-Bills and T-Bonds into internal financial markets, while the government aims to generate MVR4.7 billion in the following year through this as well.