The Ministry of Finance (MoF) issues government securities to ensure financing of government deficit. The Maldives Monetary Authority (MMA) acts as the government’s agent for the issuance and management of domestic government securities, under an agency agreement signed between MoF and MMA. Additionally, MMA establishes and reviews procedures and systems to ensure that the issuance of government securities is undertaken efficiently and effectively.
At present, the government issues three types of domestic securities - treasury bills, USD denominated Reverse Dual Currency treasury bills and treasury bonds.
Treasury bills (T-bills) was first introduced by MMA on September 10th, 2006, replacing the MMA Certificate of Deposits to finance government deficit. Currently, all securities are issued in the primary market. T-Bills are issued via private placements to commercial banks, state-owned enterprises (SOEs), institutional investors and private companies with the main aim of raising funds for government budget financing requirements.
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 28-day, 91-day, 182-day and 364-day 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.
USD Denominated Reverse Dual Currency Treasury Bills
Reverse Dual Currency or RDC T-bills pay the discount in Maldivian Rufiyaa and the Purchase Value in United States Dollars. The RDC T-bills are currently issued on private placement basis only.
Treasury Bonds
The Government treasury bonds (T-bonds) issued to date are medium to long-term debt securities. The T-bonds are in MVR and carry coupon payments throughout the life of the security.
Current MVR Treasury Bill rates are stated below.
| Type of Security | Rates |
| 28-Day MVR Treasury Bill | 3.50% |
| 91-Day MVR Treasury Bill | 3.87% |
| 182-Day MVR Treasury Bill | 4.23% |
| 364-Day MVR Treasury Bill | 4.60% |
Current Domestic Securities Outstanding are stated below.
| Type of Security | Amount Outstanding (in MVR millions) |
| MVR Treasury Bills | 21,944.90 |
| USD Denominated Reverse Dual Currency Treasury Bills | 1,115.95 |
| USD Treasury Bills | 2,302.50 |
| Islamic Instruments | 350.00 |
| MVR Fixed Coupon Bonds | 9,667.22 |
| USD Fixed Coupon Bonds | 3,837.50 |
| Pension Accrued Rights Bond | 3,649.28 |
| Total Outstanding | 42,867.34 |
As at 31 March 2021
External Securities
The Government of Maldives started its external securities operations in 2017, with the issue of its debut sovereign bond in the international market. External securities operations are headed by the Ministry of Finance, and to date, two external issuances have been made by the Government.
Current External Securities Outstanding are stated below.
| Type of Security | Amount Outstanding (in MVR millions) |
| Treasury Bonds | 5,372.50 |
| Total Outstanding | 5,372.50 |
As at 31 March 2021
| Ticker | Amount USD | Rating (Moody's/Fitch) | Issue Date | Maturity Date | Coupon | Coupon Payments | Listing | Offering Circular | MoF Press Release |
| MVMOFB | 200,000,000 | (B2/B+) | 7 June 2017 | 7 June 2022 | 7.0% p.a. | Semi-annually on June 7 and December 7 | SGX | Offering Circular | Press Release |
| MVMOFB | 50,000,000 | (B2/B+) | 5 December 2017 | 7 June 2022 | 7.0% p.a. | Semi-annually on June 7 and December 7 | SGX | Offering Circular | |
| MVFN5Y0423 | 100,000,000 | (--/B+) | 26 April 2018 | 26 April 2023 | 5.5% p.a. | Semi-annually, on October 26 and April 26 | ADX | Offering Circular | Press Release |
Real-time price updates for the openly traded USD 250 million bond (MVMOFB) is publicly available on Markets Insider website.
