The TA will help to develop the government bond auction system. A comparative analysis of several options to improve the government bond auction platform needs to be conducted. Currently, there are three possible options for the MOF: (i) continuing to use MSE's auction platform, (ii) integrating it with the Bank of Mongolia's auction platform for central bank bills, and (iii) developing a new auction platform customized to the MOF's needs. Each alternative has its own strengths and weaknesses. To name a few, MSE's auction system is open to all investors including non-banking financial institutions and individual investors while BOM's system is only accessible to banks. However, BOM's auction system might be more efficient and secure than other alternatives in terms of its connectivity to the payment system. Meanwhile, the new system can be developed to meet market's needs most effectively although it might cause some concerns on cost and duplication of investment.
Latest Project Documents
|Government Bond Market Development: TA 7971-Mongolia Final Report||Nov 2014|
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