Citizens Bank PLC has been given the approval to work as a primary dealer for a year, said the central bank yesterday. 

The decision will come into effect on October 1, according to a Bangladesh Bank notice.

As a primary dealer, the bank would be able to buy and sell government securities and bonds and take part in their auctions. 

The BB move is aimed at bringing dynamism to the secondary market of securities and bonds.

Government securities market of Bangladesh are consisted of tradable and non-tradable securities. Non-tradable securities include national savings certificates and bonds that are only for retail investors.

Tradable securities include Treasury Bills (T-Bills) with maturities of 91, 182 and 364 days. Bangladesh Government Treasury Bonds (BGTB) have two, five, 10, 15, and 20 years of maturities.

Currently, there are 23 primary dealers in Bangladesh apart from Citizens Bank.