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Sunday, December 08, 2019 / 11:17AM
/ By The Newsroom of The Weekly Journal / Header Image
Credit: Bloomberg
The Puerto
Rico Fiscal Agency and Financial Advisory Authority (AAFAF, by its Spanish
acronym) and Chief Financial Officer Omar J. Marrero announced that the
government of Puerto Rico has received $49 million in interest fiscal
year-to-date.
The
weekly report on the Treasury Single Account (TSA) revealed that this
account-which maintains a balance of approximately $8 billion-accrued close to
$49 million in from July 1 to November 22, 2019.
Marrero
indicated that said earnings were due to several bank movements the Puerto Rico
Treasury Department, with AAFAF's support, made aimed at generating better
interest yields for the TSA.
TSA funds
that are not reserved for operating expenses and budgetary purposes are
transferred to interest bearing accounts in different banks authorized to do
business in Puerto Rico by the Office of the Commissioner of Financial
Institutions.
Puerto Rico
Treasury Secretary Francisco Pares Alicea explained that the transfers made in
October are part of a recently established program to maximize interest
generated through the monthly redistribution of TSA unreserved balances.
"This
redistribution is projected to produce approximately $124 million in accrued
interest per year, which is reflects a 39 percent increase compared to the
interest generated during the previous fiscal year," Pares Alicea stated.
Governor
Wanda Vazquez Garced commended the officers for reinforcing the accountability
reports, which the administration stated will result in more transparency on
government administration and benefits for the people of Puerto Rico.
AAFAF
has published the TSA report on a weekly basis since October 2017. The report
released Thursday, corresponding to the week ended November 22, 2019-includes,
for the first time, the breakdown on the interest accrued by the TSA.
The TSA
report is published every Tuesday on the AAFAF website and it
is part of our commitment to fiscal responsibility and transparency in public
finance.
Credits
The post Government
Has Earned $49 Million in Interest Fiscal Year-to-Date first appeared in The Weekly Journal on
Thursday, December 05, 2019.
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