The first report by the Natural Resource Fund (NRF) Board on its operations is completed and is expected to be made public sometime soon, sources close to the process say. Further, a decision has been made that since the remainder in the fund this year is less than US$500 million, it will be placed in “very safe investments” namely deposits, which is one of two options allowed as per the laws of this country.
“It will go as deposits and not eligible treasury bills because of the amount and because you are getting secure interest overnight, something like 5 per cent, which is very advantageous for us,” officials close to the process told the Stabroek News when asked for an update.
“We will look at the [treasury] bills when we know they are coming down… then you can go long term and lock in to that [amount]. That is not expected to happen until next year though…,” a source explained.
