{"id":133777,"date":"2021-07-24T12:56:47","date_gmt":"2021-07-24T16:56:47","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=133777"},"modified":"2021-07-24T12:56:47","modified_gmt":"2021-07-24T16:56:47","slug":"communique-of-the-99th-meeting-of-the-monetary-council-of-the-eastern-caribbean-central-bank","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/communique-of-the-99th-meeting-of-the-monetary-council-of-the-eastern-caribbean-central-bank\/","title":{"rendered":"Pace of immunisation, new variants accompanied by new lockdowns, curfews and travel protocols have weakened the recovery momentum in our region"},"content":{"rendered":"
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Communiqu\u00e9 of the 99<\/strong>th<\/strong> Meeting of the Monetary Council of the Eastern Caribbean Central Bank <\/strong><\/p>

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The Ninety-Ninth Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) was held on 23 July 2021, via videoconference, under the Chairmanship of the Honourable Joseph Easton Farrell, Premier and Minister for Finance of Montserrat.<\/p>

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The Monetary Council received the Governor\u2019s Report on Monetary, Credit and Financial Conditions in the Eastern Caribbean Currency Union (ECCU) for the period January to June 2021.<\/p>

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1.0<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0 Growth and Development<\/strong><\/p>

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The Monetary Council was apprised of the following:<\/p>\n

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  1. The prospects for the global economy remain highly uncertain due to the ongoing COVID-19 pandemic. The ECCU’s main trading partners, the USA, UK, and Canada, are expected to grow by 6.4 per cent, 5.3 per cent and 5.0 per cent, respectively for 2021.<\/li>\n<\/ol>\n

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    1. The January 2021 projection for ECCU growth was 4.0 per cent. Overall, economic activity in the Eastern Caribbean Currency Union (ECCU) is estimated to have declined in the first quarter of 2021, relative to the comparable period of 2020 due to further constraints related to COVID-19.<\/li>\n<\/ol>\n

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      Eastern Caribbean Central Bank<\/strong><\/p>\n

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      1. Heightened uncertainties and risks regarding the ongoing pandemic, coupled with the ongoing impact of volcanic eruptions in Saint Vincent and the Grenadines, suggest that the region\u2019s growth results for 2021 may be about 1.0 per cent.<\/li>\n<\/ol>\n

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        1. The realities recently created by COVID-19, the pace of immunisation in the ECCU, and new variants of the virus accompanied by new lockdowns, curfews and travel protocols have weakened the recovery momentum in our region.<\/li>\n<\/ol>\n

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          1. The key issues likely to confront the ECCU in the second half of 2021 are<\/li>\n<\/ol>\n

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