Today, Ministry of Finance introduced new financial instrument on the government securities market, government securities with foreign exchange clause.
By introducing these government securities, the Government wants to send clear signal that it believes in the stability of the national currency. At the same time, introduction of these financial instruments is aimed at the long-term commitment to become members of the European Monetary Union. Goal of the introduction of this financial instrument is to stimulate the development of the financial markets, increase the number of financial instruments and encourage the competition in the financial sector.
First auction of short-term treasury bills with foreign exchange clause is envisaged to be realized on 16 June 2009, and the Ministry of Finance will issue 3- and 12-month treasury bills with foreign exchange clause. Depending on how investors will perceive short-term treasury bills with foreign exchange clause, introduction of long-term securities with foreign exchange clause is also envisaged in the coming period.