Treasury bills are short-term obligations issued with maturities of less than one year. They are sold at a discount from the face value and without coupon payment. The difference between the purchase price of the bill and the face value that is paid to the buyer at maturity can be considered as interest on the bill. Treasury bills are usually issued with maturities of 91 days, 182 days, 273 days, and 364 days.

Central government bonds are long-term obligations issued with maturities of more than one year. They are issued with a stated rate of interest to be paid annually, and are redeemed at par at maturity. Central government bonds are issued with maturities of 2, 5, 10, 20,and 30 years.