November 28, 2017 / 12:50 PM / a year ago

Kazakhstan to enable Clearstream for govt securities in 2018

ALMATY, Nov 28 (Reuters) - Kazakhstan plans to start clearing government bonds and central bank notes through Clearstream next year, while Euroclear settlements may become possible in 2019, its central bank said on Tuesday.

The moves are likely to attract more foreign investors and boost the securities’ liquidity.

“On Clearstream, we plan (to start clearing) central bank notes in the first quarter next year and finance ministry securities in the first half of next year,” Adil Mukhamedzhanov, deputy head of the monetary operations department at the central bank, told analysts and reporters.

“We are working with Euroclear as well, but more work will be required in that regard. Some changed to legislation will be needed.”

According to Kazakhstan Central Securities Depository data, foreign ownership of Kazakh government debt has more than tripled this year to $517 million - but that represents less than 2 percent of the total outstanding amount. (Reporting by Mariya Gordeyeva; Writing by Olzhas Auyezov; Editing by Richard Balmforth)

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