Abstract
Staff Studies is the bi-annual (March and September) peer-reviewed journal of the Central Bank of Sri Lanka. The Journal aims at stimulating innovative research for the analysis of current macroeconomic issues and policy challenges faced by central banks while providing a forum to present recent theoretical and empirical research.
Highlights
In Sri Lanka, development of the domestic bond market has received high priority in the financial sector development agenda
The development of the domestic government bond market received early attention since government bonds are the backbone of fixed income securities in Sri Lanka as in other countries
The country has made satisfactory progress in developing the domestic government bond market, including some progress in the development of a default-risk free bench mark yield curve(2), even though progress has been slow in some areas
Summary
In Sri Lanka, development of the domestic bond market has received high priority in the financial sector development agenda. The development of the domestic government bond market received early attention since government bonds are the backbone of fixed income securities in Sri Lanka as in other countries. In this context, developing a yield curve has been identified as a critical objective, given its pivotal role in developing an efficient and competitive domestic debt market. This paper attempts to examine the experience of developing Sri Lanka’s domestic bond market with special emphasis on developing a yield curve.
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