WEDNESDAY, MARCH 11, 1987
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+AS AT THE CLOSE OF THE BUSINESS TODAY, THE TOTAL AMOUNT OF DEBT CERTIFICATES ISSUED BY THE EXCHANGE FUND IN RETURN FOR MONEY TRANSFERRED FROM THE GENERAL REVENUE ACCOUNT AND THE VARIOUS FUNDS, IN OTHER WORDS THE TOTAL BORROWING BY THE EXCHANGE FUND FROM THESE SOURCES, WILL BE $26.9 BILLION, HE SAID.
+BORROWING ARISING FROM MONEY MARKET OPERATIONS WILL AMOUNT TO AN ADDITIONAL $2.9 BILLION, MAKING A TOTAL OF $29.8 BILLION, JUST SHORT OF THE BORROWING LIMIT OF $30 BILLION.+
MR JACOBS SAID THAT THE GOVERNMENT'S FISCAL RESERVES WERE EXPECTED TO TOTAL AROUND $32 BILLION BY THE END OF THIS FINANCIAL YEAR AND WERE LIKELY SUBSTANTIALLY TO EXCEED THAT FIGURE IN VIEW OF THE SEASONAL INFLOW OF REVENUE AND THE LARGE TURNOVER IN PUBLIC FINANCES.
+THE CURRENT BORROWING LIMIT OF $30 BILLION WILL, THEREFORE CONSTRA IN THE ABILITY OF THE EXCHANGE FUND TO CONTINUE TO TAKE IN THESE FISCAL RESERVES BY THE ISSUE OF INTEREST-BEARING DEBT CERTIFICATES.
+ IT WILL ALSO CONSTRAIN THE ABILITY OF THE EXCHANGE FUND IN ITS MONEY MARKET OPERATIONS, HE SAID.
MR JACOBS POINTED OUT THAT THE APPROVAL OF THE SECRETARY OF STATE TO INTRODUCE THE RESOLUTION HAD BEEN OBTAINED, AND THAT THE RELATIVELY LARGE INCREASE WAS PROPOSED SO AS TO REDUCE THE NUMBER OF TIMES IT WOULD BE NECESSARY TO INTRODUCE A SIMILAR MOTION INTO THE COUNCIL.
FUNDS APPROVED FOR GOVERNMENT SERVICES
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A MOTION BY THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, SEEKING $16 266 785 000 ON ACCOUNT TO ENABLE THE GOVERNMENT TO CARRY ON EXISTING SERVICES BETWEEN THE START OF THE NEW FINANCIAL YEAR ON APRIL 1 AND THE ENACTMENT OF THE APPROPRIATION BILL, WAS APPROVED BY THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
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