Debt risk management is based on the Ministry of Finance’s medium‑term strategy and debt management directive. The State Treasury is responsible for the related market operations.
Risk management aims to avoid unexpected losses and ensure continuity. Risks are identified, measured, assessed, monitored, reported and actively managed.
The following sections describe the main risk categories and the principal measures used to manage them: funding risk (short-term liquidity risk and long-term refinancing risk), credit risk, market risk (interest rate and foreign exchange risk), operational risk and legal risk.