For many reasons explained earlier, they contribute to financial market development and help risk diversification. In particular, we are hoping the issue of dinar-denominated T-bonds will attract much attention of foreign investors, and the program will be success, eventually allowing the government to reduce the FX part of its debt.
We are also hoping that higher volumes will help spur secondary trading and develop a dinar yield curve for benchmarking of other dinarbased instruments. For all these reasons we encourage foreign investors’ involvement in local currency T-bonds – but we have clear preferences as regards specific forms of such an involvement.