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Government Securities Operations
20 September 2023 Share Tweet


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.

Government Securities Outstanding

1 Month MVR Treasury Bills3.50%
3 Month MVR Treasury Bills3.87%
6 Month MVR Treasury Bills4.23%
1 Year MVR Treasury Bills 4.6%

Series number:TB-2023-022
Sale Date:Sunday, 24 Sep 2023
Settlement Date:Monday, 25 Aug 2023
Total Amount Offered:MVR 2,695.27 Million

Series number:TB-2023-018
1 Month MVR Treasury BillsMVR 1,166.1 million
3 Month MVR Treasury BillsMVR 98 million
6 Month MVR Treasury BillsMVR 114 million
1 Year MVR Treasury Bills MVR 815.8 million

Types of Government Securities

Treasury Bills

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.

Treasury Bonds

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

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.

Standard Forms

  1. MVR Treasury Bills Subscription Form
  2. Treasury Bills - Pledge Registration Form
  3. Treasury Bills - Pledge Release Form
  4. Government Securities Authorised Signatories Form