ST GEORGE’S, Grenada (CMC) — Grenada says for the first time in its history, it has been able to attract an interest rate below 1.80 per cent for its Treasury bills on the Regional Government Securities Market (RGSM).

In a recent statement, the Government said that on Monday, it reissued an EC$15 million (One EC dollar=US$0.37 cents), 91 Day Treasury Bill, which was oversubscribed by EC$14.16 million at a cut-off yield of 1.7500 per cent.

“This is the lowest yield in the region for the year. On March 14, 2019, Grenada also attained a low yield of 1.900 per cent on its 91 Day Treasury Bill Issuance,” the statement said, adding “this is a clear indication of investors’ interest in the secure investment and attractive climate that now exists in the tri-island state”.

The Government said that the securities were competitively auctioned and reflected increases in demand by investors.

“This resulted in a total of EC$29.16 million in bids, an over-subscription of EC$14.16 million,” the statement said, noting that three licensed brokers placed a total of 16 bids.

“The successful auction and the continuous low yields of Government of Grenada’s Treasury bills are a direct result of local, regional, and international confidence in the management of Grenada’s finances and the perception of prudent financial management and consistently reduced risk of investing in Grenada,” the statement added.