Government Securities Market in Kosovo: Overview and Recent Developments
Government Securities Market in Kosovo: Overview and Recent Developments

Summary/Abstract: This paper provides an overview of recent developments in government securities market in Kosovo. In contradistinction to similar studies of developed financial markets an analysis of developments in the Kosovo’s government securities market, meets certain difficulties and takes into account a number of assumptions, which are to be specifically noted. The Government of the Republic Kosovo has successfully begun issuance of Treasury bills since January 2012, but market development is still at an early stage. The Central Bank of the Republic of Kosovo maintains, records, trades and settles all government securities transactions through the BES trading platform, which term includes the initial electronic auction sales at the primary auction, electronic trading and the central securities depository. Most T-bills have been kept by the commercial banks for their own account, and six-month bills have been bought by institutional investors. As a result, no secondary market has yet developed. Capital markets are nonexistent.

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