The Finance Ministry has opened the sale of 1.1 billion rufiyaa worth of T-bills to cover government expenses.

Four T-bills have been opened for sale this time. A 265 million rufiyaa T-bill maturing on September 7, and a 55 million rufiyaa T-bill maturing on November 16, have been opened for sale. In addition, a 255 million rufiyaa T-bill maturing on February 8 next year, and a 535 million rufiyaa T-bill maturing on August 9 next year, have also been opened for sale.

The interest rates on these T-bills range between 3.50 percent and 4.60 percent.

Generally, T-bills sold by the government are purchased by the Pension Fund, some banks, and some government-owned companies. In addition, some private companies also buy T-bills.

A T-bill is a short-term security that falls under government securities. T-bills issued by the Government of Maldives are sold at a discounted price in Maldivian rufiyaa, and upon maturity, are paid out at face value.