Interest Rates Hit Historic Low

Interest Rates Hit Historic Low

by Kelly Choate on September 20, 2012

Interest rates have hit a historic low, which is bad news for Muskingum County.

County Treasurer Carol Friel and Jody Spencer from Century National Bank joined Commissioners Jerry Lavy and Jim Porter for an Investment Committee meeting.  Friel said the local economy has slowly declined over the years.

"We’re all remembering the recession that we’re just coming out of," said Friel.  "I’m not seeing that we’re out of it yet, because we rely on the interest rates to give us the money that we need to go back into our general fund to function."

Friel said the county has been forced to cut spending and divide investments into various finances.  She said the Investment Committee always puts the needs of the people before anything else.

"Stay on top of the situation and always be watching," said Friel.  "We have to pay attention to what the federal reserve is doing and the rate changes.  We have to stay in communication with our banker.  It’s important, because especially in this case, he’s a resident of the county, so it’s important to him that we are succeeding."

The Investment Committee will meet again in October.