By Breaking Belize News Staff: The Social Security Board (SSB) has invested $10 million of contributors’ funds in a fixed-term deposit with Heritage Bank Limited.
The investment, announced in December and published in the Belize Gazette, will be held for two years at a fixed interest rate of 2.75 percent. The placement is expected to generate approximately $275,000 annually.
According to the official release, Heritage Bank is a licensed domestic commercial bank regulated by the Central Bank of Belize and has consistently maintained capital adequacy and liquidity levels above statutory requirements.
SSB Communications and PR Manager Vanessa Vellos explained that the decision followed careful evaluation by the Board’s Investment Committee.
“The SSB has an investment committee, and there is a certain amount of liquidity that the SSB has. The Investment Services Department did the calculations and determined that that was a figure that they wanted to invest,” Vellos stated.
She added that similar term deposit investments have previously been made with other banks and delivered strong returns, giving the Board confidence in this latest placement.
SSB emphasized that the investment will be made in multiple tranches to maintain flexibility and will help support the long-term sustainability of the Social Security Fund, which covers pensions, sickness benefits, and other payments.
The post SSB invests $10 million in Heritage Bank fixed-term deposit appeared first on Belize News and Opinion on www.breakingbelizenews.com.
By Breaking Belize News Staff: The Social Security Board (SSB) has invested $10 million of contributors’ funds in a fixed-term deposit with Heritage Bank Limited. The investment, announced in December and published in the Belize Gazette, will be held for two years at a fixed interest rate of 2.75 percent. The placement is expected to
The post SSB invests $10 million in Heritage Bank fixed-term deposit appeared first on Belize News and Opinion on www.breakingbelizenews.com.
