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Ottawa, January 26, 1995
1995-007
Canada Savings Bond Interest Rate Increased
Secretary of State Doug Peters, on behalf of Finance Minister Paul Martin, today announced that, effective February 1, 1995, the rate of interest on all outstanding unmatured series of Canada Savings Bonds (Series 42 to 49 inclusive, issued from 1987 to 1994) is being increased to 7.50 per cent per annum, from 5.75 per cent, for the three-month period ending April 30, 1995. All other terms of these series remain unchanged.
Mr. Peters said that the rate increase takes into account recent changes in interest rates and is aimed at maintaining the competitiveness of Canada Savings Bonds (CSBs) relative to other savings instruments.
The government will continue to monitor the competitiveness of the interest rate on CSBs and will adjust its rate to reflect changing market conditions as the situation warrants. The guaranteed minimum rates set for three years last October will be maintained and CSBs will continue to be cashable at any time.
Printed material providing details of interest payments and bond values will be available shortly at financial institutions.
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For further information:
| Robert White Bank of Canada (613) 782-8187 |
Jon Cockerline Financial Markets Division 613) 992-4468 |
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| Last Updated: 2002-11-26 |
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