Government of Saint Lucia

Go to Homepage

[Feedback]

[Site Map]

[Contact Us]

Search this Site


Governor of the ECCB reports on status of the ECCU


Governor General
Prime Minister
The Cabinet
The Senate
House of Assembly
Overseas Missions
The Constitution
The Staff Orders

National Television Network
Watch NTN Live

CARICOM 26
Saint Lucia Gazette
Press Releases
Speeches
Features
Notices
Tenders/Consultancies
Vacancies
Bursaries/Scholarships
About Saint Lucia
Frequently Asked Questions
Web Links
Government Directory
Browse by Agency
Site Help

Contact: Office of the Prime Minister

Tuesday, October 28, 2008 – Prime Minister Honourable Stephenson King returned to the island over the weekend after attending the 63rd Meeting of the Monetary Council of the Eastern Caribbean Central Bank in St. Kitts and Nevis.

Finance Ministers of the OECS who make up the Monetary Council received a report from the Governor of the Eastern Caribbean Central Bank (ECCB), Sir Dwight Venner and deliberated on policy issues raised in the report as well as a number of related matters which can impact on the Central Bank’s monetary and credit policy and on the overall growth and development of member countries.

The Monetary Council noted that commercial bank liquidity in the ECCU remained at “an adequate level” and that Central Bank foreign reserves continued to increase buoyed by increases in foreign direct investment flows. The Council agreed that there should be no changes to the Central Bank’s administered rates.


The Council also noted that while deposits at the bank expanded by 6.3 percent during the twelve month period ending in July of this year this was at a slower pace compared to the previous year.

The OECS Finance Ministers were of the view that the Credit Market in the ECCU continued to show “fairly robust activity” even in the face of tighter lending terms and conditions for all categories of loans.


The OECS Finance Ministers also made recommendations for the effective surveillance of the financial sector including the passage of the Payment Systems Act and the completion and implementation of the Single Regulatory Units in member states by December of this year.


The Council also noted that the recent developments in the global economy remains a threat to global growth and the outlook for the rest of 2008 is for slower economic growth in the economies of members states of the ECCU.


The Council of Ministers recommended that in view of the potential negative effect of the global financial situation an additional forum should be arranged where the Monetary Council and the OECS Authority could jointly discuss and agree on coordinated policy responses to deal with the evolving situation.


Home ] Up ] [Site Help]

© 2008 Government Information Service. All rights reserved.

Read our privacy guidelines.