ENG-1993 — Page 108

FINANCIAL AND MONETARY AFFAIRS

These non-interest-bearing Certificates of Indebtedness are issued or redeemed as the amount of notes in circulation rises or falls. The fund bears the costs of maintaining the note issue (apart from the proportion of the costs relating to the fiduciary issue) and the net profits of the note issue accrue to the fund.

Coins of $5, $2, $1, 50 cents, 20 cents and 10 cents denominations, and currency notes of one-cent denomination, are issued by the government. New $5 and $2 coins depicting the bauhinia flower have been issued since January, while the existing coins are being gradually withdrawn. New $1, 50 cents and 20 cents coins were circulated in October. The total currency in circulation at the end of 1993, with details of its composition, is shown at Appendix 14.

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As at December 31, 1992, total assets of the fund stood at $287 billion, of which foreign currency assets amounted to US$35 billion. Accumulated earnings of the fund amounted to $107 billion. The financial position of the fund for the six years 1987-92 is shown at Appendix 14A.

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