Government launches issuance of US dollar treasury bills

The government today launched the issuance of US$100 million worth of treasury bills to the State Bank of India (SBI).

At a ceremony this morning, Aishath Zahira, deputy governor of the Maldives Monetary Authority, said it was the first time a security denominated in US dollars was being issued.

“This ceremony marks a new beginning, the first issuance of treasury bonds (t-bonds) in the history of Maldives and hopefully a new chapter in the Maldives’ securities markets and the finance market as a whole,” she said.

“Treasury bonds are to be issued to the commercial banks licensed in the Maldives. The treasury bonds are securities issued for a longer term, one to 15 years and beyond. The bonds will be coupon bearing bonds and hence some of the bonds will be sold at discount and others at a premium.”