Effective 16th August 2021, the issuance and management of government securities is carried out by the Debt Management Department of the Ministry of Finance. The Debt Management Department establishes and reviews procedures and systems to ensure that the issuance of government securities is undertaken efficiently and effectively.
The Debt Management Department is the registrar for all government securities issued to the market. Recording and management of all government debt, including government securities are maintained in the Commonwealth Secretariat Debt Recording and Management System (CS-DRMS). The terms and conditions for the issuance of these securities and the rules governing the operation are provided in the Ministry’s website and after each public issuance, the total issuance amount is published in the Ministry’s website.
At present, the government securities on issue are treasury bills, treasury bonds and Islamic securities.
|CURRENT MVR TREASURY BILL RATES|
|1 Month MVR Treasury Bills||3.50%|
|3 Month MVR Treasury Bills||3.87%|
|6 Month MVR Treasury Bills||4.23%|
|1 Year MVR Treasury Bills||4.6%|
|INVITATION TO SUBSCRIBE|
|Sale Date:||Sunday, 24 Sep 2023|
|Settlement Date:||Monday, 25 Aug 2023|
|Total Amount Offered:||MVR 2,695.27 Million|
|RESULTS OF WEEKLY MVR TBILLS ISSUANCE|
|1 Month MVR Treasury Bills||MVR 1,166.1 million|
|3 Month MVR Treasury Bills||MVR 98 million|
|6 Month MVR Treasury Bills||MVR 114 million|
|1 Year MVR Treasury Bills||MVR 815.8 million|
Treasury bills (T-bills) are issued in accordance with the Prospectus for Treasury Bills Tap and the Prospectus for Treasury Bills Auction. At present, 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 MVR 10,000 and all subscriptions for T-bills are in minimum and multiples of 10 T-bills.
The Government treasury bonds (T-bonds) issued to date are medium to long-term debt securities that pay a coupon periodically over the life of the security. The T-bonds are in MVR and currently issued on private placement basis only.
Islamic securities are financial instruments issued in compliance with Islamic Shari’ah concepts. Islamic securities issued at present are Mudharabah Certificate, Murabaha Certificate, Wakalah Bi Al-Isthithmar Certificate, and Sukuk Murabahah. Currently, Islamic instruments are issued on private placement basis only.