that
1
another study be
1
commissioned to
assess
the future
inflation rates and their actuarial
implications for the
calculation of maximum prudent sums for borrowing within the
Scheme.
Investment
7.
asset
term
of
a mixture
There would be no particular difficulties in the
management
an investment portfolio to achieve long
capital appreciation in
of foreign
currencies. The Consultant recommended that Government might
organise a panel of qualified institutions to manage the
funds. They would be guaranteed a minimum amount of funds to
subject to their satisfactory performance; and in
return a discounted fund management fee might be charged. He
pointed out that it would be prudent to assume a 10% compound
annual rate of return for the fund. The estimated rate of
manage,
"
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return would however remain largely a theoretical one pending
major developments in the debt market in Hong Kong.
Monetary Aspects
8.
to be
scheme
no
The Consultant suggested that the scale of the funds
raised and the movement of the sums involved in the
from Hong Kong dollars to other currencies should have
material impact on the money supply, inflation, exchange
......
A
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