Interest on Security Deposits

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Pursuant to subsection 21(2) of the Financial Administration Act, the Minister of Finance has approved the payment of interest on contractor's security deposits paid into the Consolidated Revenue Fund at the rate set out in P.C.1970-300. This rate is equal to 90% of the simple arithmetic mean of the accepted bi-weekly three-month Treasury bill tender rates for the month immediately preceding the month in respect of which interest may be paid. The rate so calculated is: 3.96% per annum in respect of monies on deposit during the month of February 2023.

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