Dealers to contribute to reduction of Serbia"s public debt from 2019

Tuesday, 04. Dec 2018.

Next year, a new financial institution will take root in Serbia – primary dealers – which will trade securities and contribute to the development of the securities market, all to the end of having the public debt of the Republic of Serbia drop to below 50%. Primary dealers are financial institutions selected by the Ministry of Finance to trade securities, work on upgrading the primary and the secondary securities market and be active in addressing the issue of the public debt in cooperation with the state.

– We expect the introduction of primary dealers to improve the realization and the terms of borrowing in the primary market, as well as to incite the liquidity of the market of state securities, dampen the debt refinancing risk and further develop the secondary market of state securities – the Ministry of Finance told Tanjug.

The idea is for plans and procedures to be prepared next year, defining who is authorized for these activities in Serbia and under what terms.

Next year, they say, consultations about the introduction of primary dealers will begin with representatives of the IMF, and "primary dealers are expected to become active in late 2019 or early 2020".

The Ministry of Finance explains that the IMF recommends for there to be five to ten dealers in Serbia in the initial period.

The plan currently doesn"t include foreign entities, whether banks or other financial institutions.

Source: eKapija

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