Chief Minister attended Monetary Council Meeting

ANGUILLA–Chief Minister Victor Banks attended the Eastern Caribbean Central Bank (ECCB) Monetary Council meeting on July 21 that was held under the chairmanship of Roosevelt Skerrit at the Fort Young Hotel, Roseau.

  The Governor’s report on Monetary and Credit Conditions in the Eastern Caribbean Currency Union was presented. The report assessed the recent trends which showed that monetary conditions have eased during 2016 as the money supply continued to increase. It also showed that credit conditions have tightened. The exchange rate anchor has remained stable and strong supported by adequate foreign reserves. It was agreed to maintain the minimum savings deposit rate at two per cent and the Central Bank’s discount rate at 6.5 per cent.

  For the year 2016 the ECCU financial system was assessed as stable. It was noted at the meeting that one of the challenges to the banking sector continues to be structural vulnerabilities including correspondent banking relationships.

  The Council agreed to urge commercial banks to increase lending to the private sector in an attempt to spur growth.

  The next meeting of the Monetary Council will be a video conference scheduled for October 20, 2017.

  The meeting was attended by Roosevelt Skerrit from Dominica, Gaston Browne from Antigua and Barbuda, Donaldson Romeo from Montserrat, Timothy Harris of St. Kitts and Nevis, Ralph Gonsalves from St. Vincent and the Grenadines and Ubaldus Raymond, Council alternate for St. Lucia. 

Source: The Daily Herald