Governor Dr. DeLisle Worrell
BRIDGETOWN, Barbados, CMC – The Central Bank of Barbados Tuesday launched a BDS$10 million (One BDS dollar =US$0.50 cents) Savings Bonds scheme aimed at small and middle income savers. Central Bank Governor Dr. DeLisle Worrell said the bonds will be available from June 1 and that the bank is introducing a number of improved arrangements. “The most important is that individual holders may now buy up to BDS$100,000 of bonds of any one issue…for joint holdings the limit is BDS$200,000. “This upper limit ensures that the bonds reach the main target for which they are intended, namely small and medium savers. It is also been agreed to issue new series of bonds as supplies of available bonds are depleted,” Worrell said. He told the ceremony this is to ensure “that there will be no shortage of bonds for purchase at any time” Worrell encouraged people to take full advantage of the bonds with a yield of 5.5 per cent and interest free taxes, making them “as liquid as a savings deposit or a checking account. “Saving bonds are a good way to get children started in cultivating habits of savings that will serve them well in later years,”’ he said likening the bonds to a savings account at a commercial bank. Worrell said the financial system on Barbados offers a wide range of financial services and financial instruments for the varying needs of the society. “Saving bonds compliment the choices available to individuals from banks, insurance companies, mutual fund and credit unions as well as longer term government bonds, treasury notes ad shares issued or traded on the Barbados Securities Exchange,” he said.
