The Central Bank and the EBRD discussed liquidity operations, interbank-market development and practical hedging tools, including foreign-exchange and interest-rate swaps. The agenda is foundational for a reliable yield curve, deeper liquidity and more effective risk transfer.
Discussions with an EBRD delegation led by Treasurer Axel van Nederveen covered macroeconomic conditions, banking-system liquidity, the Central Bank’s main liquidity operation and the transmission of interest rates through the interbank market. A working session also brought together treasury representatives from commercial banks.
The agenda included foreign-exchange swaps for liquidity management and currency hedging, as well as floating-rate instruments and interest-rate swaps. Developing these tools can deepen price discovery and give banks and corporate borrowers more options for managing market risk.
Reliable money-market benchmarks and swap instruments can improve bond pricing, asset-liability management and the choice between fixed- and floating-rate funding. Adoption will require regular transactions, transparent conventions and active participation across the banking system.
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