NAMAL interest rates surge

NAMAL’s Money Market Fund announced the quarterly tax free dividend distribution of cents 44 per unit which amounts to an annual effective rate of 18.8% for the quarter ended June 30.

This return is equivalent to 28.9% before tax for corporate paying tax at 35%, its Fund Manager NAMAL said.

The interest rates in the money market have significantly improved in the recent past and the fund took advantage to deliver a tax free competitive return to investors.

NMMF is the only open ended money market fund in Sri Lanka and provides an opportunity to invest their surplus cash available any time and to earn a superior return even for a short period.

This fund was the first money market Fund in Sri Lanka and was launched in September 2004.

The idea of the Fund is to invest in short term money market instruments issued by the Government and corporates to enable the investors to gain from the return which is tax free in the hands of corporate investors.

“The Fund also provides excellent liquidity to withdraw as and when required by the investor and NAMAL facilitate quick transfer of funds back to the investor” Chief Executive Officer of NAMAL S.Jeyavarman said.

“The managers research all available money market instruments in the market for investments and selects the suitable periods with competitive yields to optimise returns to its investors and our objective is to give a better return from the money market” he said.

The fund managers’ offer many investor friendly services to invest and withdraw money from this fund.