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Government Securities Operations
16 June 2021 Share Tweet

Overview

Effective from 21st June 2021, the issuance and management of government securities is taken over by the Ministry of Finance- Debt Management office. The Debt Management Office establishes and reviews procedures and systems to ensure that the issuance of government securities is undertaken efficiently and effectively and according to the Borrowing plan for the Fiscal year.

The Debt Management Office is also the registrar for all government securities issued and operates CSDRMS for this purpose. The terms and conditions for the issuance of these securities and the rules governing the operation of the BES are provided in the Government Securities Operations Manual.

The funds raised from the issuance of government securities are utilized to meet the Government’s budget financing requirements. At present, the government securities on issue are treasury bills, treasury bonds and Islamic securities.

Treasury Bill Net Issuance (TBNI) refers to the total of Treasury bill issuances less the total of Treasury bill redemptions for the period. This represents the amount of debt accumulated or debt repaid during the period. When the issuances are greater than the redemptions, the debt is accumulated and if the issuances are less than the redemptions, it’s a debt repayment.


CURRENT MVR TREASURY BILL RATES
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%

INVITATION TO SUBSCRIBE
Series number:TB-2017-010
Sale Date:Sunday, 26 February 2017
Settlement Date:Monday, 27 February 2017
Total Amount Offered:MVR 728.70 million

RESULTS OF WEEKLY MVR TBILLS ISSUANCE
Series number:TB-2017-010
1 Month MVR Treasury BillsMVR 7 million
3 Month MVR Treasury BillsMVR 8.70 million
6 Month MVR Treasury BillsMVR 70 million
1 Year MVR Treasury Bills MVR 72 million

CURRENT SECURITIES OUTSTANDING
Total OutstandingMVR 18,500 million
Treasury BillsMVR 10,000 million
Treasury BondsMVR 8,000 million
Islamic SecuritiesMVR 500 million
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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, Murabahah Certificate and Sukuk Murabahah. They are currently issued on private placement basis only.


Standard Forms

  1. MVR Treasury Bills Subscription Form
  2. MVR Treasury Bills Tender Form 
  3. Securities Transfer Form 
  4. Pledge Form
  5. Signatories Panel Form