March 23, 2023

Dubai Week

Complete Dubai News World

Emirates News Agency – “Central Bank of Saudi Arabia” launches “Repo” operations using the “Bloomberg” system in early January

Riyadh, From December 30 / WAM / January 2022, the Central Bank of Saudi Arabia will use the Bloomberg auction system to conduct “repo and reverse repo” operations and repurchase and repurchase agreements with banks operating in the country.

In 2018, the central bank announced the successful completion of a project to build a “Sama Electronic Platform”, a licensing platform for Murabaha, using the Bloomberg auction system, which will enable it to participate in the core market of banks operating in the state. Permission and to Murabaha.

His Excellency Ayman Al-Siari, Deputy Governor of the Central Bank of Saudi Arabia, said: Enhances the performance of functional features. Will have a positive impact on the banking sector, and it is in line with international best practices in cash management since electronic transactions.

For his part, Nicholas Bean, global head of Bloomberg’s e – commerce solutions, said, “The Bloomberg auction system is part of Bloomberg solutions designed to help achieve greater transparency, liquidity and efficiency in the capital markets. We look forward to continuing this fruitful cooperation with the Central Bank of Saudi Arabia; We support him in electrifying his activities.

The Bloomberg auction system is used as part of Bloomberg’s solutions for central banks and government financial institutions; Electronic bidding by market participants to monitor and participate in these auctions. The system provides a secure environment for issuing debt securities, debt repurchases and other open market operations, repurchase agreements and reverse repurchases all within a single integrated solution. The solution integrates with data, news, analysis and communication tools provided by the Bloomberg terminal operating systems. The Bloomberg auction system is used in more than 30 countries around the world.

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WAM / Ahmad Al Nuaimi / Abdel Nasser Monim