Maldives sells MVR 2.9 billion T-Bills in Jan

Maldives Monetary Authority (MMA) building in the capital Male. MIHAARU PHOTO/NISHAN ALI

Maldives Monetary Authority (MMA) building in the capital Male. MIHAARU PHOTO/NISHAN ALI

The government sold securities worth MVR 2.9 billion so far this month to settle the state’s cash flow, according to the Maldives’ central bank.

Maldives Monetary Authority (MMA)’s statistics show that the government had sold Treasury bills (T-Bills) of MVR 2.9 billion on five counts between January 2 and 25.

As a rule, the central bank sells T-Bills once a week. However, as a special circumstance, MMA had sold T-Bills of MVR 130 million on Wednesday alone. MMA has sold T-Bills of MVR 10 million to be repaid within 91 days, T-Bills of MVR 110 million to be repaid within 182 days, and T-Bills of MVR 10.6 million to be repaid within 364 days.

According to MMA’s statistics, the central bank is to sell T-Bills of MVR 274.5 million next week as well.

The highest amount sold within this month was T-Bills of MVR 1.2 billion on January 15.

The authority’s website states that the government has so far sold T-Bills, T-Bonds and Islamic securities of worth total MVR 23 billion. T-Bills sold by the government are commonly purchased by Maldives Pension Administration Office (MPAO), banks, state run companies and some private firms.

An official of MMA explained that the amount of T-Bills sold this month has spiked mainly due over having to repay previously purchased securities.

“There isn’t a great change in the total amount [of T-Bills] we currently have because we’re simultaneously repaying pending numbers and selling [more]. Sometimes the total does go down. But these days, it’s maintained around the same amount.”

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