This chapter evaluates developments in the domestic government securities market in Kenya during the period 1966 to 2016, a 50-year period since the Central Bank of Kenya was established. The chapter traces the evolution of Kenya’s government securities market starting with the legal and regulatory framework, evolution of the issuance policy, developments in both the primary and secondary market for government securities over time and some of the milestones achieved during the period under review. Among the key milestones include development of a reliable domestic financing programme for the government, development of benchmark bonds and a government securities yield curve, development of market infrastructure, and diversification of products in the market such as infrastructure bonds. Kenya plans to further deepen her government securities and capital markets, through launch of new products, modernization of trading system and establishment of over-the-counter market for government securities.
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