{"id":163503,"date":"2022-11-28T13:21:59","date_gmt":"2022-11-28T17:21:59","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=163503"},"modified":"2022-11-28T13:41:05","modified_gmt":"2022-11-28T17:41:05","slug":"103rd-meeting-of-the-eccb-monetary-council-25-november-2022","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/103rd-meeting-of-the-eccb-monetary-council-25-november-2022\/","title":{"rendered":"103rd Meeting of the ECCB Monetary Council: 25 November 2022"},"content":{"rendered":"
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The One Hundred and Third (103rd) Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) was held on 25 November 2022, via videoconference.<\/p>

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 <\/p>\n

1.0 Monetary Stability<\/p>\n

Council received the Governor\u2019s Report on Monetary, Credit and Financial Conditions in the Eastern Caribbean Currency Union (ECCU) for the period January to September 2022.<\/p>

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The Report focused on the ongoing economic\u00a0recovery both globally and within the ECCU, as well as on the impact that the increased uncertainty in the global environment is having on this recovery.<\/p>

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It indicated that:<\/p>\n

a. The global growth forecast by the International Monetary Fund has been revised downwards and is expected to be approximately 3.2 per cent in\u00a02022.<\/p>

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b. Inflation is weighing heavily on the economic outlook, as lower disposable incomes reduce aggregate demand, thereby negatively impacting economic activity.<\/p>\n

At the ECCU level, economic activity continues to recover tepidly.<\/p>

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Inflation continues to rise and broaden in the ECCU, reflecting widespread\u00a0cost pressures.<\/p>

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c. While global inflationary pressures are expected to ease by the end of 2022 (the pace of price increases is expected to slow), the overall price level is\u00a0expected to be substantially higher than it was pre-pandemic.<\/p>\n

d. Overall monetary conditions in the ECCU remain accommodative.<\/p>\n

Monetary and credit conditions improved \u2013 despite the weakness in the global macro-economy \u2013 during the first half of 2022, with growth in private sector credit and broad money.<\/p>\n

Eastern Caribbean Central Bank<\/p>\n

e. The ECCU\u2019s stock of international reserves continues to provide stable\u00a0support to the exchange rate regime.<\/p>\n

The region\u2019s stock of international\u00a0reserves expanded to a level 11.8 per cent higher than pre-pandemic levels (February 2020), helping to maintain the stability of the financial and\u00a0external sectors.<\/p>\n

The current backing is 90 per cent. To put this in context,\u00a0the statutory requirement is sixty (60.0) per cent.<\/p>\n

Having considered the state of monetary, financial and credit conditions in the\u00a0ECCU, the Monetary Council decided to:<\/p>\n

a. Maintain the minimum savings deposit rate at 2.0 per cent; and<\/p>\n

b. Maintain the Central Bank\u2019s discount rate at 2.0 per cent for short-term credit and 3.5 per cent for long-term credit.<\/p>\n

The Minimum Savings Rate (MSR) is the lowest rate that commercial banks can offer on savings deposits.<\/p>\n

The Central Bank\u2019s Discount Rate is the rate at which\u00a0the ECCB lends to governments and commercial banks.<\/p>\n

2.0 Financial Stability<\/p>\n

The Monetary Council was advised of the following developments in the financial sector:<\/p>\n

a. The banking sector has remained stable and resilient in the face of economic\u00a0headwinds.<\/p>\n

Moreover, financial stability is expected to be maintained for\u00a0the remainder of 2022.<\/p>\n

b. The banking system maintained its high degree of liquidity, and capital buffers remained at robust levels.<\/p>\n

c. Council was apprised that activity on the Regional Government Securities\u00a0Market (RGSM) continues to improve.<\/p>\n

This is a welcome sign as the market\u00a0continues to recover from the effects of the COVID-19 pandemic.<\/p>\n

The\u00a0RGSM currently utilises the platform of the Eastern Caribbean Securities Eastern Caribbean Central Bank<\/p>\n

Exchange (ECSE) to issue Treasury bills and bonds. The Regional\u00a0Government Securities Market began operating in November 2002.<\/p>\n

d. Council was also apprised that the number and amount of moratoria loans have continued to trend downward.<\/p>\n

At present, these loans are less than\u00a01 per cent of the total loan portfolio.<\/p>\n

This is an important signal from the banking sector, likely reflecting improving confidence and diminishing uncertainty surrounding the economic recovery.<\/p>\n

e. Moreover, the Monetary Council received \u2013 and approved for publication \u2013\u00a0the Financial Stability Report for the ECCU for the period January to\u00a0December 2021.<\/p>\n

In furtherance of the Council\u2019s expressed support for uniform financial legislation in\u00a0the ECCU, the Monetary Council encouraged the relevant member Governments to:<\/p>\n

a. Enact the proposed amendments to the Anti-Money Laundering\/Combating the Financing of Terrorism (AML\/CFT) legislation, to confer authority on the Eastern Caribbean Central Bank (ECCB) for AML\/CFT supervision for its licensees at the earliest\u00a0opportunity, particularly in light of the FATF 4th Round of AML\/CFT Mutual Evaluations;<\/p>\n

b. Enact the proposed amendments to the Banking Act, 2015 in Saint\u00a0Christopher (St Kitts) and Nevis and Saint Lucia; and<\/p>\n

c. Enact the harmonised Credit Reporting Bill in Anguilla and Saint Lucia, to allow for the operation of the credit bureau regionally.<\/p>\n

To date, the ECCB has AML\/CFT supervisory authority in Antigua and Barbuda, Grenada, Saint Lucia, Saint Vincent and the Grenadines and the Commonwealth of Dominica.<\/p>\n

Eastern Caribbean Central Bank<\/p>\n

3.0 Fiscal and Debt Sustainability<\/p>\n

Council received the Report on the Challenges and Opportunities for the ECCU in Adjusting to Volatile Oil Prices. The Report was prepared by the ECCB to facilitate\u00a0dialogue among member governments that would be instrumental in designing\u00a0fiscal reform policies.<\/p>\n

 <\/p>\n

An escalation in global oil prices and the resultant subsidisation of fuel prices by ECCU member governments have occurred against the following backdrop.<\/p>\n

The\u00a0expansionary fiscal measures implemented in the wake of the COVID-19 pandemic have contributed to a build-up in the ECCU debt levels and reduced the fiscal space\u00a0for responding to other potential shocks.<\/p>\n

Public sector debt to GDP increased\u00a0significantly from 65.9 per cent in 2019 to 88.9 per cent in 2020 before falling to 87 per cent in 2021.<\/p>\n

The ECCU governments continue to commit to reducing debt\u00a0levels to 60.0 per cent of GDP by 2035.<\/p>\n

The ECCB is supportive of subsidies and targeted social assistance, contingent upon them being reversed when the global situation improves, given member\u00a0countries\u2019 lack of fiscal space and debt overhang.<\/p>\n

4.0 Growth and Competitiveness<\/p>\n

Council was informed that economic growth for the region is forecasted to be\u00a0strong in 2022 at 6.4 per cent, moderating to 5.9 per cent in 2023.<\/p>\n

However, the forecast\u00a0is subject to downside risks in light of the challenging global \u00a0economic situation.<\/p>\n

Despite higher fuel prices and weakening global economic growth, Tourism in the
\nECCU is relatively resilient. Although tourism arrivals (stayovers) are still below\u00a0pre-pandemic levels, the tourism industry is expected to continue strengthening.<\/p>\n

 <\/p>\n

Eastern Caribbean Central Bank<\/p>\n

 <\/p>\n

Prospects for further growth in tourism will\u00a0be contingent upon the impact of any\u00a0new COVID-19 variants, as well as on any further slowdowns in source markets.<\/p>\n

Construction activity is being bolstered by capital investment from member governments and domestic home construction.<\/p>\n

With the further easing of COVID-19 protocols by major cruise lines and ECCU\u00a0member countries, cruise arrivals are expected to continue increasing in 2022 and\u00a02023.<\/p>\n

Recovery has firmed in the ECCU, but the region will continue to grapple with the\u00a0effects of high inflation and the challenges related to air and sea connectivity.<\/p>\n

5.0 Financial Inclusion<\/p>\n

The Monetary Council received an update on the deployment of DCash which has now been introduced in all eight member countries and reiterated its full support\u00a0for the DCash Central Bank Digital Currency (CBDC) Pilot Project.<\/p>\n

Council supported increased efforts by the ECCB to encourage the use of DCash as\u00a0a safer, faster and cheaper payment instrument. Further, Council endorsed the\u00a0ECCB\u2019s plans to introduce two additional functionalities, namely government payments (G2P) and third-party wallet integration, in response to feedback from\u00a0ongoing engagement with stakeholders.<\/p>\n

The DCash pilot launch of 31 March 2021 established the ECCU as the first currency union to deploy a CBDC.<\/p>\n

DCash is a legal tender digital currency on par\u00a0in value with EC Dollar notes and coins.<\/p>\n

Eastern Caribbean Central Bank<\/p>\n

The Council approved, in principle, the establishment of a Financial Conduct Authority for oversight of matters in respect of consumer protection and to support financial inclusion in the Currency Union.<\/p>\n

6.0 Report from Technical Core Committee on Insurance\u00a0Council received Report No 3 of 2022 from the Core Committee on Insurance,which is charged with advancing efforts to bring resolution for ECCU Policyholders of the failed insurance companies \u2013 British American Insurance Company Ltd. and<\/p>\n

CLICO Life Insurance Ltd.<\/p>\n

 <\/p>\n

a. British American Insurance Company (BAICO) Resolution<\/p>\n

The Monetary Council agreed to deliberate on the way forward to resolve\u00a0outstanding matters, and also identified options for counsel to handle the matter of the outstanding contribution from the Government of Trinidad and Tobago.<\/p>\n

b. CLICO International Insurance (CIL)<\/p>\n

Council received an update on the outstanding matters, including the trust\u00a0arrangement to receive the Government of Barbados\u2019s Bond Offer of BBD $37 million, on behalf of the ECCU Policyholders.<\/p>\n

7.0 Report from the Eastern Caribbean Partial Credit Guarantee<\/p>\n

Corporation (ECPCGC)<\/p>\n

Council received an update on the status of the operations of the Eastern Caribbean\u00a0Partial Credit Guarantee Corporation (ECPCGC), as well as its Financial Report as of 30 September 2022.<\/p>\n

The Council adopted the contents of the Report.\u00a0Established by the Monetary Council, with strong financial and technical support from the World Bank, the ECPCGC officially launched in October 2020, and is integral to building out a modern credit ecosystem in the ECCU.<\/p>\n

 <\/p>\n

Eastern Caribbean Central Bank<\/p>\n

8.0 Appointment of ECCB Board Member<\/p>\n

Council approved the appointment to the Board of Directors of the Eastern<\/p>\n

Caribbean Central Bank:<\/p>\n

(1)Appointment of Francis Fontenelle, Permanent Secretary, Ministry of Finance, as the newly Appointed Director for Saint Lucia to serve on the Board for the period 3 December 2022 to 2 December 2025.<\/p>\n

9.0 Change in Chairmanship of the Eastern Caribbean Securities<\/p>\n

Regulatory Commission (ECSRC)<\/p>\n

a. The Monetary Council placed on record its appreciation for the sterling\u00a0contribution of the former Chairman of the ECSRC, His Excellency Arthur G.<\/p>\n

B. Thomas, in service to the public in the ECCU as a member of the ECSRC for the past 15 years. Ambassador Thomas resigned as Chairman of the ECSRC on<\/p>\n

21 November 2022.<\/p>\n

b. The Council has commenced the process to appoint a new Chairman of the<\/p>\n

ECSRC. The Council\u2019s decision on the new appointment will be communicated\u00a0in due course.<\/p>\n

 <\/p>\n

10.0 Cryptocurrencies<\/p>\n

The Monetary Council agreed to examine the rise of cryptocurrencies in the Currency Union and the potential implications for consumer protection and\u00a0financial stability in the ECCU.<\/p>\n

A Council policy discussion on this issue is\u00a0scheduled to take place in early 2023.<\/p>\n

11.0 Date and Venue of the 104th Meeting of the Monetary Council<\/p>\n

Council agreed to the convening of the 104th Meeting of the Monetary Council on Friday, 24 February 2023, beginning at 9:00 a.m. The proceedings of the Meeting will be held in person at the ECCB Headquarters in Saint Christopher (St Kitts) and Nevis.<\/p>\n

 <\/p>\n

Eastern Caribbean Central Bank<\/p>\n

 <\/p>\n

The 104th Meeting will be presided over by the current Monetary Council Chairman, the Honourable Philip J Pierre, Prime Minister and Minister for Finance of Saint Lucia.<\/p>\n

 <\/p>\n

12.0 Participation<\/p>\n

Council Members attending the meeting were:<\/p>\n

1. The Honourable Philip J Pierre, Prime Minister and Minister for Finance,\u00a0Saint Lucia (Chairman)<\/p>\n

2. The Honourable Dr Ellis L Webster, Premier and Minister for Finance,\u00a0Anguilla<\/p>\n

3. The Honourable Gaston Browne, Prime Minister and Minister for Finance, Antigua and Barbuda<\/p>\n

4. The Honourable Joseph Easton Farrell, Premier and Minister for Finance,\u00a0Montserrat<\/p>\n

5. The Honourable Dr Terrance Drew, Prime Minister and Minister for Finance,\u00a0Saint Christopher (St Kitts) and Nevis<\/p>\n

6. The Honourable Camillo Gonsalves, Minister for Finance, Saint Vincent and the Grenadines<\/p>\n

\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

The One Hundred and Third (103rd) Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) was held on 25 November 2022, via videoconference.   1.0 Monetary Stability Council received the Governor\u2019s Report on Monetary, Credit and Financial Conditions in the Eastern Caribbean Currency Union (ECCU) for the period January to September 2022. […]<\/p>\n","protected":false},"author":3,"featured_media":163504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-163503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n103rd Meeting of the ECCB Monetary Council: 25 November 2022 - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/103rd-meeting-of-the-eccb-monetary-council-25-november-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"103rd Meeting of the ECCB Monetary Council: 25 November 2022\" \/>\n<meta property=\"og:description\" content=\"The One Hundred and Third (103rd) Meeting of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) was held on 25 November 2022, via videoconference.   1.0 Monetary Stability Council received the Governor\u2019s Report on Monetary, Credit and Financial Conditions in the Eastern Caribbean Currency Union (ECCU) for the period January to September 2022. 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