Fiscal reserves top $588b

August 31, 2011

The Financial Services & the Treasury Bureau said today Government expenditure in July was $29.6 billion, with revenue of $27.4 billion, resulting in a deficit of $2.2 billion. 
 
Government expenditure for April-July amounted to $101.4 billion, with revenue of $94.3 billion, resulting in a deficit of $7.1 billion.
 
The deficit was mainly because some major types of revenue, including salaries and profits taxes, are mostly received towards the end of a financial year.
 
The fiscal reserves stood at $588.3 billion at the end of July.