Additional measures are necessary for the government securities market to stimulate demand from both retail and institutional investors. The program had several supply-based reforms, particularly around the primary dealer system and government bonds; however, turnover velocity was below the target, particularly for the secondary market relating to government securities. This would suggest that additional demand-based measures are as of December 2023 required for the government securities market to stimulate demand from both retail and institutional investors. These measures can include investor awareness activities and measures to make it easier for retail investors to access the capital markets. The recent launch of a gender bond in the market can be followed up with awareness program to encourage women investors to invest in the gender bond.
Fiscal Resilience and Social Protection Support Program (Subprograms 1 and 2)