Ethiopia will develop a secondary market in government and corporate bonds in the coming Ethiopian Fiscal Year to expand the country’s fundraising choices, Bloomberg reported.

Yohhennes Ayalew, Vice governor of monetary stability, in an interview with Bloomberg on Sunday, March 29, 2015, said the National Bank of Ethiopia will create the market in this year ending July 7, 2016.

“Rather than resorting to central bank borrowing, the government can use this instrument to finance most of its requirements”, he said. “The equally significant reason is corporations and new investments can get alternative means of issuing bonds and financial their needs.”

Foreigners will remain to be excluded from trading in the country’s domestic debt as a result of the country’s capital controls, Yohhannes told.

Ethiopia does not plan further significant monetary policy changes, Yohhannes added.

Source: Bloomberg