Primary Dealer System is launching for the purpose of Government Securities’ market development

One of the main strategic direction of the Government Debt Management is the development of Treasury Securities’ market.

During the last several years, the market volume has been gradually increasing. Debt portfolio is more liquid. The government of Georgia began Benchmark bonds issuance in 2018. Since then, outstanding amount of the Benchmark Bonds has been growing.

In order to meet market demand and move to a new stage of development, having intermediaries (dealers) on Government securities market is highly important. That will broaden investor base and make the secondary market more active.

In turn, developed treasury securities market will support the capital market development and investor base diversification.

To achieve the market development goals Ministry of Finance of Georgia with the support of National Bank of Georgia and with the technical assistance of the International Monetary Fund and the World Bank is launching the Primary Dealer Pilot Program.

The Primary Dealers are expected to contribute to Georgian financial market development by acting as intermediaries between the issuer (Ministry of Finance of Georgia) and investors, by contributing to the process of diversification of the investor base, and enhancing the secondary market liquidity via regular price quoting and the provision of appropriate trading and settlement infrastructure for every participant of the market.

Any financial institution that fulfills the criteria provided in Article 5.1 of the Memorandum of Understanding shall submit an application to the MoF at the E-mail – and sends a copy of the application to the NBG at the E-mail –

The Ministry of Finance of Georgia and the National Bank of Georgia will check the compliance with the selection criteria provided in Article 5.1. of the Memorandum of Understanding and will notice applicant about the decision.

After the confirmation of the appointment by the MoF, the applicant shall sign MoU in order to act as an authorized Primary Dealer. Signed MoU should be sent to the MoF. After signing the MoU by the MoF and the NBG, the financial institution will be granted the Primary Dealer status and the right to act according to the status.

Detailed information about the Primary Dealer Pilot Program you can find in the Memorandum of Understanding.

The application process will start on 8th of October of 2020.

In case of additional questions please, contact us:


Tel: +995322261460