Let me now turn to the G-Sec market. III. G-Sec market  As a debt manager to the Government, the development of a deep and liquid market for Government securities is of critical importance to the Reserve Bank as this would result in better price discovery and reduce the cost of Government borrowing.
The country's fiscal position was better than in the past year. In the first ten months of 2002, fiscal deficit in the general government consolidated budget totalled 32.1 million lats. (Fiscal deficit was 1.4 times or 46.0 million lats higher in the corresponding period of the past year.)