The National Insurance Scheme (NIS) will be investing US$40 million overseas, having been given Central Bank of Barbados permission to acquire the foreign currency to do so.
This effort to diversify the social security institution’s investment portfolio follows new National Insurance Board (NIB) recommendations that NIS assets “should not be overly invested in any one country, region or currency [and] investments should be adequately diversified and driven by professional investment managers”.
The advice is included in the 23-page NIB Principal Recommendations For The Revitalisation Of The National Insurance Scheme.
NIS announced yesterday that the Central Bank gave it the green light to acquire US$40 million to invest in international markets on a phased basis.
Noting that the NIS currently had 80 per cent of its investments locally, officials said the organisation would now be able to “boost its portfolio diversification through access to international markets”. (SC)
