Released on July 28, 2003
Saskatchewan residents continue to show their faith in the province's future by buying $134.2 million worth of Saskatchewan Savings Bonds this past June. With this latest sale, the amount of bonds held by Saskatchewan residents stands at just under $855 million."The Saskatchewan Savings Bond program proved to be as popular as ever this year, with Saskatchewan people continuing to use it as a means to save for their children and for their own futures," Finance Minister Jim Melenchuk said. "Their support of this program is indicative that they see Saskatchewan as a place worth investing in, a place where their future is wide open."
This year, the province paid $42.1 million in interest to approximately 30,000 Saskatchewan residents in more than 600 Saskatchewan communities. Since 1992, more than $735.8 million in interest has been paid to holders of Saskatchewan Savings Bonds.
The bonds offer a secure investment at competitive interest rates; this year's rate was set at 3.0 per cent. The Saskatchewan Savings Bond program was introduced in 1992 to help reduce Saskatchewan's out-of-province borrowing costs.
"This program has proven to be very beneficial. Government debt as a percentage of GDP has gone from over 40 per cent in the early 1990s to under 24 per cent this year. Total debt servicing costs are more than $270 million per year less than they were at their peak in 1995," Melenchuk said.
"Although not as critical to our financial position as they were in the early 1990s, bonds will continue to offer a secure investment opportunity for Saskatchewan people."
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For More Information, Contact:
| Mike Woods Finance Regina Phone: (306)787-6578 |