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Communiqué of the 92nd Meeting of the Monetary Council of the Eastern Caribbean Central Bank

ECCB an Institution of the Organisation of Eastern Caribbean States

Friday, November 16, 2018 — The Ninety-Second Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) was held via videoconference at the ECCB Headquarters, Basseterre, St Kitts and Nevis, on 16 November 2018, under the chairmanship of Dr The Right Honourable Keith Mitchell. Click to view full Communiqué.

1.0 Monetary Stability

Council received the Governor’s Report on Monetary and Credit Conditions in the Eastern Caribbean Currency Union (ECCU). The report outlined the recent trends in monetary and credit conditions as at 30 June 2018, against the backdrop of global economic and financial developments and within the context of the Bank’s broader objectives of ensuring the stability of the exchange rate and the financial system. 

Council was apprised of the following:

 Monetary and Credit conditions in the ECCU banking system showed a slight deterioration as at the end of June 2018 when compared with the same period in the previous year, but remained favourable.

 The Currency Union’s exchange rate arrangement continued to be well supported by an adequate level of foreign currency reserves.

 The backing ratio stood at 97.5 per cent, which was notably above the operational (80 per cent) and statutory (60.0 per cent) limits.

 Private sector credit from banks rose by 0.4 per cent ($40.4m) mainly on account of 0.9 per cent ($32.4m) increase in credit to private businesses.

Access the full Communiqué of the The Ninety-Second Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) at link below.

ECCB
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Elizabeth Wayland Senior Corporate Relations Officer, Eastern Caribbean Central Bank
OECS Communication Unit Organisation of Eastern Caribbean States
Elizabeth Wayland Senior Corporate Relations Officer, Eastern Caribbean Central Bank
OECS Communication Unit Organisation of Eastern Caribbean States
About The Organisation of Eastern Caribbean States

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The Organisation of Eastern Caribbean States (OECS) is an International Organisation dedicated to economic harmonisation and integration, protection of human and legal rights, and the encouragement of good governance among independent and non-independent countries in the Eastern Caribbean. The OECS came into being on June 18th 1981, when seven Eastern Caribbean countries signed a treaty agreeing to cooperate with each other while promoting unity and solidarity among its Members. The Treaty became known as the Treaty of Basseterre, so named in honour of the capital city of St. Kitts and Nevis where it was signed. The OECS today, currently has eleven members, spread across the Eastern Caribbean comprising Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St. Kitts and Nevis, Saint Lucia, St Vincent and The Grenadines, British Virgin Islands, Anguilla, Martinique and Guadeloupe. 

The Organisation of Eastern Caribbean States
Morne Fortune
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Saint Lucia