The Government of Maldives has invited subscriptions for a fresh issuance of treasury bills totalling MVR 1.86 billion, as part of its regular domestic borrowing strategy to manage short- to medium-term liquidity needs. The invitation, released by the Ministry of Finance and Planning under T-Bill Series TB-2025-015, outlines four tranches with maturities ranging from 28 to 364 days.
The largest portion of the offer comes in the form of 364-day bills, with MVR 559.8 million offered at an interest rate of 4.60 percent. This longer-term issuance indicates a continued reliance on domestic borrowing to manage fiscal obligations over the next year. The second largest is the 182-day bill offering MVR 522.4 million at a rate of 4.23 percent, maturing in February 2026.
The remaining tranches include a 98-day bill for MVR 410.5 million at 3.87 percent interest and a 28-day bill of MVR 373.2 million at 3.50 percent. All four issues are offered below face value, with prices ranging from 95.61 to 99.73, in line with standard discount bill structures.
The subscription period opens on 10 August 2025, with settlement required the following day. As noted in the official terms, failure to meet the settlement deadline could lead to suspension from future government securities operations.
This latest issuance is consistent with the government’s broader debt management strategy, which has increasingly relied on domestic instruments such as treasury bills to address budget financing requirements and rollover existing debt. Treasury bills are frequently subscribed to by banks, state-owned enterprises, and pension funds.
