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Cash and Debt Management practices in Treasury Service of Georgia

Cash and Debt Management practices in Treasury Service of Georgia. Erekle Gvaladze 201 2. Cash and Debt Management Practices. Cash and Debt Management Practices. The main objectives of issuing government securities are : Development of the country’s financial market;

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Cash and Debt Management practices in Treasury Service of Georgia

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  1. Cash and Debt Management practices in Treasury Service of Georgia ErekleGvaladze 2012

  2. Cash and Debt Management Practices Cash and Debt Management Practices

  3. Cash and Debt Management Practices The main objectives of issuing government securities are: • Development of the country’s financial market; • Ensuring the budget system liquidity. Cash and Debt Management Practices

  4. Cash and Debt Management Practices Cash and Debt Management Practices

  5. Cash and Debt Management Practices Cash and Debt Management Practices

  6. Cash and Debt Management Practices Cash and Debt Management Practices

  7. Cash and Debt Management Practices Cash and Debt Management Practices

  8. Cash and Debt Management Practices • Maturity period of the portfolio is increased stage by stage. • The following factors demonstrate growing demand for securities issued by the Ministry of Finance of Georgia: • Increased number of applications at auctions; • Participation of non-banking investors in the recent auctions. Cash and Debt Management Practices

  9. Cash and Debt Management Practices Cash and Debt Management Practices

  10. Cash and Debt Management Practices Cash and Debt Management Practices

  11. Cash and Debt Management Practices • In 2008,Georgia issued Eurobonds for the international market for the first time: • Eurobonds of USD 500 million par value; • 5 year maturity period; • Coupon rate - 7.5%. Cash and Debt Management Practices

  12. Cash and Debt Management Practices • In 2011, in order to increase the maturity period of the portfolioand for refinancing purposes, Georgia issued: • Eurobonds of USD 500 million par value; • 10 year maturity period; • Coupon rate - 6.875%. Cash and Debt Management Practices

  13. Cash and Debt Management Practices • Besides the government securities, the domestic debt also includes the following two categories: • The debt of the Government of Georgia to the National Bank of Georgia • So called „Historical Debts“ • Obligations created as a result of the disintegration of the former Soviet Union; • Other obligations. Cash and Debt Management Practices

  14. Cash and Debt Management Practices • Cash management tools used by Treasury Service: • Development of monthly cash disbursement plans; • Allocation of available cash resources in different financial instruments. Cash and Debt Management Practices

  15. Cash and Debt Management Practices • Treasury Service is reviewing the possibility of reducing the foreign debt share through mobilization of domestic resources, by issuing government securities denominated in GEL. • For this purpose, similar experience of different countries is being studied and it is planned to invite foreign experts. Cash and Debt Management Practices

  16. Cash and Debt Management Practices Thank You! www.mof.ge www.treasury.gov.ge ErekleGvaladze February 2012 Cash and Debt Management Practices

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