Money Market Diagnostic Technical Cooperation Framework (EBRD-16698)

  • Europe and Central Asia
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
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Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
  • Finance
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Investment Amount (USD)
Not Disclosed
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Dec 9, 2022

Disclosed by Bank Dec 6, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.


Money markets development is crucial for establishing self-sustaining local currency markets that would improve local currency (LCY) financing conditions for local borrowers including small and medium enterprises (SMEs). Recognising this, the European Bank for Reconstruction and Development (EBRD) supported the development of the Money Market Diagnostic Framework (MMDF), which is a public good that assesses the state of development of money markets and main obstacles to it, documents the plan that stakeholders can collectively implement to improve money markets. MMDF is a practical but comprehensive tool that can be applied in a wide range of countries, which allows for peer comparison between countries of application and track developments through time. MMDF is widely recognised within the international financial institutions (IFI) community as a high-quality diagnostic tool, leading to its application in a number of jurisdictions beyond the Bank's countries of operation.

Money Market Diagnostic (MMDs) are structured around four building blocks, the first of which assesses the current level of money market (MM) development, including by considering the activities of domestic and foreign market participants, the variety and depth of various MM segments and instruments, the availability and quality of benchmark interest rates and yield curves, collateral in market operations and market information. The other three MMD building blocks consider potential policy and institutional reasons for the underdevelopment of money markets, including (i) environment (i.e., monetary policy and legal framework, credit risk, transaction costs, post-trade infrastructure, payment system, prudential regulation, etc.); (ii) central bank activity (i.e., reserve requirements, banking sector liquidity, central bank operations, collateral, etc.) and (iii) resources (i.e., central bank human resources (HR), market HR, information technology (IT)). The diagnostic reports provided to authorities under the MMDF contain a series of policy recommendations targeting identified market gaps, representing an appropriately sequenced and targeted approach to local market development for each country's specific circumstances.

The MMDF is expected to be used by the national authorities in drawing practical conclusions and taking steps towards improving the monetary policy transmission, deepening local money markets as well as by international investors as a source of understanding of the situation in the local markets, thus reducing their uncertainty and promoting investment volumes. Finally, the MMD is believed to support a reform dialogue between the authorities and international financial and development institutions.

The work on MMDF is led by Treasury department, who is steering the Bank's work on local currency and money market.

Investment Description
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Contact Information
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How it works