Arab News, Saturday, Jan 01, 2022 | Jumada Al-Uola 26, 1443
Saudi Central Bank to use Bloomberg auction system from January 2022
Saudi Arabia: The
Saudi Central Bank, also known as SAMA, will start using Bloomberg’s auction
system for repo, reverse rep, and open market operations from January 2022.
The bank had announced in 2018 the completion of
the development of the SAMA Bills and Murabaha issuance system using Bloomberg,
it said on Dec. 30.
The system aims to provide a safe and secure
environment to issue and buy back debt, and perform other open market operations
including repo and reverse repo auctions, all from a single integrated platform.
“This collaboration with Bloomberg marks the next
stage in developing the central bank’s operations,” said the bank’s Vice
Governor Ayman Alsayari. “The increased efficiency of liquidity management
operations will have a positive impact on the banking sector.”
“It also aligns with international best practice
in liquidity management through electronic trading,” he said.
Bloomberg’s auction system is part of its
enterprise solution for central banks and government financial agencies, and is
used by market participants to track auction tenders electronically and enter
bids.