Thursday, 16 October 2008 10:20 AM

NPF Investments Performing Well: Ministry of Finance

The Ministry of Finance and Treasury says while international markets have gone down significantly in recent times, NPF's investments have performed relatively well.

The Ministry says this is because of the conservative strategy they apply, and the investments remain secure in the long term.

It says there have been some impacts from currency changes but the NPF is also managing these risks.

The statement says with international markets moving up and down rapidly, the position of many international investments has improved since last Friday and more importantly the underlying fundamentals of the offshore investments are still strong.

The Ministry of Finance says for example, the ANZ Banking Group and the Bank of South Pacific have positive rate ranking.

It says the managed funds are reputable institutions with more than one billion US dollars invested in top international companies.

The NPF has told the group that its strategy was to ride out the current crisis and not to create losses by overreacting or panicking and missing out on the profits when the market recovers.

The Ministry of Finance says says as from 10th October 2008, the value of NPF's foreign investments converted to Solomon Islands dollar was more than 254 million dollars.

Source: SIBC

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