2.2 Billion treasury bill sold by the government

Until now the government has sold 2.2 billion worth of treasury bills. These treasury bills was sold to manage government expenses according to Finance Ministry.

In referral to the Ministry of Finance figures, the government has until last week sold more than 1.9 Billion Rufiyaa as treasure bills. While 334 Million US dollars worth treasury bills were sold. As of last year figures 1.3 Billion Rufiyaa worth of treasury bills were sold.

Maldives Monetary Authority notes that these treasury bills are sold on cash back grantees with each treasury bill holding an interest amount. The Maldives Monetary Authority have been selling treasury bills for 4 different catergories. This includes 28 days, 98 days, 182 days and 364 days treasury bills which has grantees cash back with interest included.

Maldives Monetary Authority has announced it has been selling treasury bills each week. Also stated the treasury bills has been sold to adjust all expenses of government companies and pension funds including various other expenses.

As the COVID-19 has brought economic slow downs to the various sectors of the country. The government is working to increase cash flow by bringing easier amendments to finance responsibility law to print more money to roll out cash flows.

In response to this many analysts believes government strategy might back fire bringing the country to its knees .

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