The government has decided to sell a total of MVR 4.2 billion in T-bills.

The Ministry of Finance revealed that the government would be selling T-bills on October 20, in a bid to cover state expenses.

The T-bills being sold by the government include MVR 1.9 billion in T-bills to be repaid in 28 days and MVR 172 million in T-bills to be repaid in 98 days.

In addition to this, it has been decided to sell MVR 830 million in T-bills to be repaid in 182 days and MVR 1.2 billion in T-bills to be repaid in 364 days.

It has been reported that the interest rates on the T-bills sold by the government range between 3.50 percent and 4.60 percent.

Dr. Mohamed Shafeeq, the first Finance Minister of the incumbent administration, had previously revealed that T-bills have been sold before to generate additional revenue to cover the expenses incurred so far by the administration, beyond the revenue received by the state.

T-bills are sold to raise funds in the short term to cover expenses when a budget deficit occurs due to expenses exceeding the revenue received by the government.