Riyadh – Mubasher: The Saudi Central Bank (SAMA) has started in January to conduct repo, reverse repo, and open market operations (OMO) with banks operating in Saudi Arabia, using Bloomberg’s auction system, according to a recent press release.

Collaborating with Bloomberg marks the next stage in developing SAMA’s operations, Vice Governor of SAMA, Ayman Alsayari, remarked.

Alsayari said: “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.”

Global Head of Electronic Trading Solutions at Bloomberg, Nicholas Bean, noted: “Bloomberg’s Auction System is part of a range Bloomberg solutions designed to help bring greater transparency, liquidity and efficiency to capital markets.”

In 2018, SAMA had completed the development of the SAMA Bills and Murabaha issuance system using Bloomberg.

It is worth noting that Bloomberg’s auction system provides central banks and government financial agencies with enterprise solution. It is used to implement auction tenders electronically in a safe and secure environment to issue debt and buy back debt, in addition to performing other OMO like repo and reverse repo auctions.

Over 30 countries across the world use Bloomberg’s auction system.