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Public servants and other investors who purchased the original Barbados Optional Savings Scheme (BOSS) bonds in 2020 have been repaid $4.5 million upon the maturity of their securities.
Central bank governor Dr Kevin Greenidge confirmed this last Monday at a press conference launching the bank’s half-year economic report.
He encouraged BOSS investors who have already received funds to consider putting their money into the new BOSS Plus tool.
“We started using BOSS in 2020, so everyone will receive the principal that should have been paid on the BOSS bonds in July 2020. I checked and there are no reports of anyone not receiving (payment),” he said.
“The important point I want to stress, though, is that with this new money, we have other BOSS bonds. My view is that people have been without this money for four years, so now is the time to put it back into the bank.
“Other BOSS bonds are offering an interest rate of 4.5 per cent, so I expect demand to increase as money comes in, makes other investments and continues to earn returns and interest,” he added.
The original BOSS program targeted public sector workers, who received part of their wages in the form of bonds. These securities had an annual interest rate of 5%, paid interest twice a year, and matured four years from the date of issuance.
The central bank’s semi-annual economic review of overall government bond investment shows that the private sector remains the main holder of new government bonds.
“Net proceeds from the resumption of issuance of three-month and six-month Treasury bills generated $11.8 million in the first three months of the current fiscal year. In addition, sales of BOSS Plus bonds totaled $7.4 million, with households being the major holders,” the bank said. (SC)
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