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Barbadians are opting into the Barbados Optional Savings Scheme (BOSS). Central Bank Governor Cleviston Haynes also revealed at his quarterly news conference that all the bonds were taken up in July, and that demand for August and September is growing.
Haynes told reporters, “Once persons recognise that our overall macroeconomic situation from a medium-term perspective is still on a sound basis, there will be that demand for these bonds.”
Haynes revealed that of the $4.6 million in bonds issued in July, civil servants bought $1.2 million worth, and individuals and institutions invested in the remainder $3.4 million on the secondary market. Individuals took up the lion’s share – 80-85 percent – of the securities that were available on the secondary market. The Governor indicated that “We need to keep it (BOSS) there in the minds of individuals as an opportunity for them to invest.”
BOSS is a four-year bond with an interest rate of 5 percent per annum, with interest being paid in two half-yearly instalments. That interest is not subject to withholding tax, and bondholders can also opt to cash in their bonds after 24 months of purchase, rather than wait the full four years.
While public sector workers will be the primary holders of BOSS bonds, there are three ways other Barbadians can purchase them: from a civil servant, a broker, and the Central Bank.
Visit www.centralbank.org.bb or https://gisbarbados.gov.bb/ for more information on how BOSS works and how you may purchase them.