In November 1992 when the Bank started with the weekly auctioning of Treasury bills a strategy for the development of a secondary market was devised. It remained a paperstrategy and did not find its way through. In February 1994, the Bank made a second attempt.
A Secondary Market Cell was set up in-house with a view to kicking-off, with some determination, the development of a secondary market for Government papers. This in-house Cell was initially expected to play a market-making role. Commercial banks did not respond positively to the initiative. The market did not take off.