nsb

Jan 23, 2017

Monetary Board responds to media reports on EPF

There have been several media reports recently raising concerns with respect to the Employees’ Provident Fund (EPF).

An internal examination is currently underway under the direction of the Monetary Board on transactions of EPF in Government securities during 2015 and 2016. The law enforcement authorities have also been requested to carry out an external independent investigation into the issuance of Government securities in 2015 and 2016 and related matters, as it involves examining internal operations carried out by the staff of the Central Bank.

With regard to the operations of the EPF, the Monetary Board, during the past six months, has taken several measures to strengthen the decision making process with respect to investments. These serve to safeguard the interests of the members of the EPF.

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