1. CASH AND DEBT MANAGEMENT: INTERACTION, COORDINATION AND INTEGRATION
Group 1
CASH AND DEBT MANAGEMENT: INTERACTION, COORDINATION AND INTEGRATION
Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Ukraine
Chisinau
12 October 2017

2. 1. Does the cash management function interact with the financial market?
Directly
Indirectly through the Central Bank
Indirectly through Debt Management Unit
Not at all
Azerbaijan
+ (deposits) +
Belarus
Kazakhstan
Kyrgyzstan
Moldova
Russia
Tajikistan
Ukraine

3. 2. Are T-bills (other instruments) used for cash smoothing in-year as well as deficit financing?
Yes (most of the time)
Only occasionally No
Azerbaijan +
Belarus
Kazakhstan
+ (only for deficit financing)
Kyrgyzstan
Moldova
Russia
Tajikistan
Ukraine

4. Informal (bilateral contact between officials)
3. Are there coordination structures in place between the debt and cash management functions?
Formal (a formally-established committee)
Informal (bilateral contact between officials)
Do they include the Central Bank?
Azerbaijan
+ (Working Group under the Financial Market Supervisory Authority) +
Belarus
Kazakhstan
Kyrgyzstan
Moldova
Russia
+ (Not very regularly)
Tajikistan
Ukraine +*

5. 4. Are the debt and cash managers able to share resources?
Systems
Skills
Other
Yes (e.g. integrated database of information about short-term T-bills, bonds and other debt instruments)
No (e.g. several systems, different interfaces)
Yes (e.g. financial market and bond analysis expertise concentrated in one unit)
No (skills spread across more than one unit)
Azerbaijan +
Belarus
Kazakhstan
Kyrgyzstan
Moldova
Russia
Tajikistan
Ukraine

6. Existing challenges and ways to overcome them
Lack of good forecasts
Insufficient coordination within the Ministry
Inadequately developed money market
Problems in interacting with CB, policy differences
A constraining legislative or regulatory framework
The organizational arrangements
Insufficient commitment and understanding from top management
Resource constraints (separate information systems, insufficient human resources and the problem of retaining qualified staff) T