## Local Currency Bond Market Development

## Source details

**Canonical URL:** [Local Currency Bond Market Development](https://www.imf.org/en/capacity-development/training/icdtc/courses/lcbm)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/courses/lcbm/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/courses/lcbm/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/courses/lcbm/bundle-manifest.json)

## Bibliographic details
- Published: October 6, 2025

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## Upcoming offerings

| Start date | End date | Location | Delivery Method | Session No. | Primary & (Interpretation) language | Apply |
| --- | --- | --- | --- | --- | --- | --- |
| August 31, 2026 | September 4, 2026 | Shenzhen, China | [[In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods) | [CT 26.15](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ct/2026/lcbmct26-15) | English | Deadline passed |
| September 21, 2026 | September 25, 2026 | New Delhi, India | [[In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods) | [SA 26.44](https://www.imf.org/en/capacity-development/training/icdtc/schedule/sa/2026/lcbmsa26-44) | English | [Apply online](https://www-ins.imf.org/TAS/signon.aspx?pkey=SA26.44E) by August 31, 2026 |

### Program overview
- Title: Local Currency Bond Market Development (LCBM)
- Topic: Financial Sector Issues
- Type: Training Program
- Focus: Development of local government bond markets based on the Guidance Note for Developing Government Local Currency Bond Markets jointly prepared by the IMF and World Bank.
- Core building blocks covered: Money Market, Primary Market, Secondary Market, Investor Base, Legal and Regulatory Framework, Market Infrastructure.
- Approach: Training on the macro-financial environment, interlinkages between building blocks, associated development challenges, and use of metrics on outcome and policy indicators to undertake a self-assessment of market development stages, identify gaps, and key constraints.

### Target audience and qualifications
- Target audience:
  - Officials from debt management offices.
  - Central banks.
  - Regulators that deal with topics related to the securities markets in middle and lower-income countries.
- Qualifications:
  - Participants are expected to have a degree in economics or finance, or equivalent experience.

### Learning objectives
Upon completion of the course, participants should be able to:
- Describe the importance of connected markets for the development of the government bond market.
- Assess the main challenges to deepening a local debt market.
- Explain the need for stakeholder coordination with a range of government agencies and market participants.
- Develop effective investor relations practices and diversification of the investor base.
- Undertake a self-assessment on the stage of market development to identify gaps and key constraints.

### Course content emphasis
- Emphasizes the interlinkages among Money Market, Primary Market, Secondary Market, Investor Base, Legal and Regulatory Framework, and Market Infrastructure.
- Uses a set of metrics on outcome and policy indicators for diagnostic self-assessment.
- Trains officials on both conceptual issues and practical constraints in developing local currency government bond markets.

---


## References

- [In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)
- [CT 26.15](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ct/2026/lcbmct26-15)
- [SA 26.44](https://www.imf.org/en/capacity-development/training/icdtc/schedule/sa/2026/lcbmsa26-44)
- [Vulnerability Diagnostics (VDS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/jv/2026/vdsjv26-38)
- [Macro-relevant Environment and Climate Change Statistics (CCS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/hq/2027/ccshq27-01)
- [Fintech Market Development and Policy Implications (FINTECH)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/st/2026/fintechst26-23)
- [Advanced Government Finance Statistics (GFS-A)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/gfs-ace26-45)
- [Apply online](https://www-ins.imf.org/TAS/signon.aspx?pkey=SA26.44E)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/courses/lcbm_