Record Rs. 33 b profit transfer to Govt. from CB in 2012

The Government or the Treasury will be getting a record Rs. 33 billion as profit transfers from the Central Bank in 2012, Governor Nivard Cabraal disclosed yesterday.

He said increased profit transfers from the Central Bank have greatly assisted the revenue streams of the Government.

“Between 2006 and 2012, the Central Bank has been able to appropriate Rs. 112 billion to the Government fm the surpluses the Bank generated mainly from its international operations,” Cabraal said. It was disclosed that for 30 years (between 1976 and 2005), the amount had been Rs. 60 billion. The Governor also said that reserves management of the Central Bank had been commended by the Auditor General as “remarkable” with $ 430 million earned in 2011.In 2012 it is estimated at $ 220 million, making the average for three years amount to over $ 200 million. The Central Bank’s balance sheet exceeds Rs. 1.3 trillion the Governor said.