Ethiopia’s auction-based Treasury Bills Market turned one-year old this month. In this period, private banks and pension funds supplied Government with close to Birr 95bn in financing—equivalent to $3bn or 3% GDP—to help cover the budget deficit. Based on data from all 27 auctions that took place this past year, we present trends in T-Bill volumes, maturities, prices, and yields. We also offer our views on the auction market’s early successes, emerging issues, and what…

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