Collateral is described as the oil that lubricates the funding markets. It performs an important part in financial risk management, and is essential at times when central banks act as lenders of last resort. It is therefore crucial to have a fully functional national collateral management framework. But it is not trivial to establish. This can cause challenges, particularly in emerging markets.
This used to be the case in the central Asian nation of Georgia. It is the reason why the National
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