EuroEconomica, Vol 36, No 1 (2017)

Government Securities Market in Kosovo: Overview and Recent Developments

Mejdi Bektashi, Artor Nuhiu


This paper provides an overview of recent developments in government securities market in Kosovo. In contradistinction to similar studies of developed financial markets an analysis of developments in the Kosovo’s government securities market, meets certain difficulties and takes into account a number of assumptions, which are to be specifically noted. The Government of the Republic Kosovo has successfully begun issuance of Treasury bills since January 2012, but market development is still at an early stage. The Central Bank of the Republic of Kosovo maintains, records, trades and settles all government securities transactions through the BES,  which  term  includes  the  initial  electronic auction  sales  at  the  primary  auction,  electronic trading  and  the  central  securities  depository.  Most T-bills have been kept by the commercial banks for their own account, and six-month bills have been bought by institutional investors. As a result, no secondary market has yet developed. Capital markets are nonexistent.


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