Barbados Optional Savings Scheme (BOSS) Bonds Investors Repaid $4.5 Million as Securities Matures: Central Bank Governor Encourages Reinvestment in BOSS Plus Instruments

Public servants and other investors who purchased the original Barbados Optional Savings Scheme (BOSS) bonds in 2020 have been repaid $4.5 million after their securities matured.

Central Bank Governor Dr Kevin Greenidge confirmed last week Monday during a press conference to present the bank’s half-year economic report.

He is encouraging BOSS investors who have received their monies to consider putting the funds into new BOSS Plus instruments.

“We started with the BOSS in 2020 so everyone would have received that principal that would have been paid into the BOSS bonds in July 2020. I checked and we have no reports of anyone not receiving [payment],” he said.

“The important thing I would want to stress though, is that with that new money we have other BOSS bonds. My view is that persons have been doing without it for four years so now is time to roll it back in.

“The other BOSS bonds are four and a half per cent so I’m hoping to see increased demand as the money comes in, put in other investment and continue to get the return, interest, on it,” he added.

The original BOSS programme targeted public sector workers where a portion of their salaries was paid in bonds. The securities had an interest rate of five per cent per annum, with interest being paid twice a year, and maturity four years from the date of issue.

Reporting on investments in Government paper generally, the Central Bank’s half-year economic review stated the private sector remained the primary holder of new Government securities.

“Net proceeds from the resumption of the three-month and six-month treasury bills issuances generated $11.8 million during the fiscal year’s first three months. Additionally, sales of BOSS Plus bonds totalled $7.4 million, with households being the predominant holder,” the bank said. (SC)