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Appetite for short-term Government securities was at a record low with bids only accounting for 34.3% of the offered amount. Treasury accepted almost all bids (98%) and maintained the month-long stability in the 91-day and 182 day T-Bill rates, though the spread between the two instruments has been narrow (between 0.3 and 0.8) showinginvestor’s preference for the 182-day instrument.
THE ICEA GROWTH FUND
FINANCIAL STATEMENTS |
| 31 DECEMBER 2009 |
THE ICEA EQUITY FUND
FINANCIAL STATEMENTS |
| 31 DECEMBER 2009 |
ECONOMIC REVIEW
The year 2009 passed as another economically challenging year both locally and globally. Slow global demand coupled with poor weather, rising cost of power and political squabbles in the coalition government put a lid on economic growth. Throughout the year the government made several attempts to stimulate the economy back to growth.