Use the latest browser recommended by Microsoft
Get speed, security and privacy with Microsoft Edge
The net operating surplus for the financial year ended December 31, 2004 was $2,846,861. Income for the year totalled $47.8 million and is marginally higher than in the previous year. The interest rate on Fedfunds increased from 1.0% at the beginning of the year to 2.25% by year-end. The Bank had limited opportunities to take advantage of this increase as foreign reserves declined by $331.7 million. This decline is attributed to sales to commercial banks, investments in second tier reserves and sinking fund assets and external debt service. The Bank also commenced rebalancing the external asset portfolio by liquidating low earning securities and replacing same with higher yielding securities. This rebalancing is expected to continue in 2005 as interest rate on Fedfunds is projected to increase.