Local Currency Bond Market

This course draws on the IMF/WB Guidance Note on Local Currency Bond Markets. It explains the benefits of developing these markets and discuss the preconditions that should be in place before implementing policies in this regard. The course is organized in six different modules, each covering one of the six building blocks of the domestic debt market, namely the money markets, the primary markets, the secondary markets, the investor base, the financial market infrastructure, and the legal and regulatory framework. Participants will have a very good understanding of the functioning and main elements of both the primary and secondary markets.

• Explain the benefits of promoting policies to develop a local currency bond market and the main preconditions that should be in place before implementing these policies.
• Describe all the relevant components of a domestic debt market, their functioning, and the interlinkages among them.
• Enable course takers to discuss policies that countries can use to develop their local currency bond markets.

• Knowledge of economics and finance is helpful. Access to a computer with a reliable internet connection and a Google Chrome web browser are essential.