The Reserve Bank has transferred $38.9 million to the Government.

The amount comprises the Bank’s entire profits of $21.5 million for the financial year ended 31 December 2010 and $17.4 million which represents one fifth of the balance of the Revaluation Reserve Account.

The Board of the Reserve Bank decided not to set aside any profit to General Reserves but instead transfer the full amount to Government.

The transfer to Government in 2010 for the 2009 financial year was $39.2 million.

The Acting Governor and Chairman of the RBF Board, Barry Whiteside said that the Bank’s financial performance in 2010 was achieved in a challenging global environment asinterest rates were still relatively low.

He said the financial outcome in 2010 was significantly better than what was originally budgeted and this was due mainly to the higher than expected level of foreign reserves, which was $1.3 billion at the end of 2010 compared with $1.1 billion a year ago.


Story by: Sneh Chaudhry