The Ministry of Finance has invited subscriptions for MVR Treasury Bills (T-Bills) totaling MVR2.9 billion.
In the invitation, the ministry offered T-Bills worth MVR1.8 billion with a maturity of 27 days, as well as T-Bills worth MVR165 million with a maturity of 103 days, T-Bills worth MVR119 million with a maturity of 181 days, and T-Bills worth MVR830 million with a maturity of 363 days. The interest rates of the T-Bills are between 3.5% to 4.6%.
The ministry stated that all subscriptions for T-Bills must be made in accordance with the terms and conditions of the Prospectus for Treasury Bills, and any other rules as published by the ministry. Copies of the Prospectus and other rules may be obtained from the ministry.
Additionally, all subscriptions must be on the ministry's Subscription Form and T-Bills must be paid for in full on the settlement date of January 2. Failure to settle on the due date could result in suspension from subsequent government securities operations.
T-bills are issued in accordance with the Prospectus for Treasury Bills Tap and the Prospectus for Treasury Bills Auction. They are offered for 1 month, 3 month, 6 month and 1 year tenures and are sold at a discount, where each T-bill carries a face value of MVR10,000 and all subscriptions for T-bills are in minimum and multiples of 10 T-bills. The T-Bills are issued with the main aim of raising funds for government budget financing requirements.