The net effect of both of these is that our long-term treasury issues tend to be rather illiquid. One can readily check that the long-end of the PDST-R2 series is often the “best bid” of benchmark bonds rather than actual done deals. The irony then is that sheer volume has really not nurtured a liquid GS market.
•  In June 2006 the Bank will undertake a review of the liberalization with the aim of fully liberalizing the remaining exchange controls. I intend to immediately allow holders of onshore foreign currency accounts to settle obligations in foreign currency. This arrangement is intended to minimize foreign exchange transaction costs.