A Maldives government treasury bond will be listed on the Maldives Stock Exchange (MASIX) for the first time.
The Ministry of Finance Ministry said in an announcement on Tuesday that the agency has issued a MVR 50 million bond to be listed on MASIX under the government’s medium-term debt management strategy.
This will create a secondary market for buying and selling government securities and increase the number of investors in government bonds, the ministry said.
Minister of Finance Mohamed Shafeeq said that, so far, government bonds have mostly been placed with institutional investors.
This means individuals can invest in treasury bonds through the stock exchange.
Mohamed Shafeeq, the Minister of Finance, explaining the administration’s move to list treasury bonds on the Maldives Stock Exchange for the first time
In addition to the MVR 50 million bond, the ministry has put on sale a total of MVR 2.9 billion worth of Treasury bills.
The Maldives Monetary Authority (MMA) will be issuing T-bills at four iterations of maturity. T-bills which are repayable within 28 days, 98 days, 182 days and 364 days.
According to the latest financial figures released by the ministry, the government sold T-bills, bonds and sukuk worth MVR 77 billion. The total value of these transactions stood at MVR 68 billion.
T-bills are usually issued by the Ministry of Finance to raise money to meet the state’s cash flow requirements and are usually sold to the pension fund, banks, some state-owned companies, and private companies.
