Rate announcements after bond markets close

Thursday, 29 September 2016 00:00 - - {{hitsCtrl.values.hits}}

The Central Bank yesterday assured it would continue to improve transparency in the Treasury Bills and Bond market with rates to be disclosed only after markets close as an initial precaution and eventually move to a fully electronic system next year.

Central Bank Governor Dr. Indrajit Coomaraswamy, responding to questions, emphasised that rate announcements would be made only after markets close to ensure leaks were limited.

“This is merely a precaution. We do not believe there are leaks during the meetings but just in case from now on the meetings will be held after markets close. No market anywhere in the world is completely transparent but we will continue to work on improvement,” he told reporters.

The Central Bank has already established a Bloomberg system for dealers, which will be expanded to a fully electronic system in 2017.

Dr. Coomaraswamy also cautioned against “jumping to conclusions” on the impressive profit of Rs. 5.2 billion made by Perpetual Treasuries, which was over 400% of what they made the previous year. “The company would have audited accounts and simply because they have made profits we cannot jump to conclusions.”

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