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ECCB Governor Calls for Fiscal Resilience Legislation in the Caribbean

The Governor of the Eastern Caribbean Central Bank (ECCB), Timothy N. J. Antoine has issued a call for the adoption of fiscal resilience legislation in the Caribbean.

 

Speaking at the recent International Monetary Fund (IMF) 2017 High Level Caribbean Forum in Jamaica, Governor Antoine emphasised that given the…

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ECCB Governor Calls for Fiscal Resilience Legislation in the Caribbean

The Governor of the Eastern Caribbean Central Bank (ECCB), Timothy N. J. Antoine has issued a call for the adoption of fiscal resilience legislation in the Caribbean.

 

Speaking at the recent International Monetary Fund (IMF) 2017 High Level Caribbean Forum in Jamaica, Governor Antoine emphasised that given the region’s vulnerability to external shocks, building fiscal resilience is critical to reducing growth volatility. He suggested that fiscal resilience legislation (sometimes referred to as fiscal responsibility legislation) would allow governments to better respond to shocks by empowering them to implement counter-cyclical fiscal policy in times of economic downturn.

 

Governor Antoine agreed with Bruce Golding, former Prime Minister of Jamaica, that a provision for fiscal responsibility should be placed in the Constitution.  However, in the absence of Constitutional provisions, the Governor noted that “the people are the ultimate custodians of fiscal responsibility legislation”. To that end, he recommended the engagement of social partners to engender broad support for fiscal responsibility legislation reform.

 

The 2017 High Level Caribbean Forum was held on 16 November under the theme: "Unleashing Growth and Strengthening Resilience in the Caribbean". It focused on the unique issues the Caribbean region is facing and the opportunities that can be found within to cope with the changing global landscape.

 

The issues addressed were:

  1. The Caribbean Growth Challenge Crime and Youth Unemployment;
  2. Fiscal Policy and Political Cycles; and
  3. Financial Sector: Stability and Growth Tradeoffs.

 

The Forum concluded with a panel discussion on Challenges and Opportunities in the Caribbean, which examined the findings and some of the key takeaways from the Conference.  The panellists were:

  • The Most Honourable Andrew Holness, Prime Minister of Jamaica
  • Dr. The Right Honourable Keith Mitchell, Prime Minister of Grenada
  • The Honourable Kevin Peter Turnquest, Deputy Prime Minister and Minister of Finance of The Bahamas
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St Vincent and the Grenadines and St Kitts and Nevis Capture Top Positions in 2017 OECS Essay Competition

Kyle Daniel DaSilva of the Mountain View Adventist Academy, St Vincent and the Grenadines and Rol-J Williams of the Nevis Sixth Form College, in St Kitts and Nevis are the first place winners in the respective categories of the 2017 OECS Essay Competition, hosted and sponsored by the Eastern Caribbean Central…

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St Vincent and the Grenadines and St Kitts and Nevis Capture Top Positions in 2017 OECS Essay Competition

Kyle Daniel DaSilva of the Mountain View Adventist Academy, St Vincent and the Grenadines and Rol-J Williams of the Nevis Sixth Form College, in St Kitts and Nevis are the first place winners in the respective categories of the 2017 OECS Essay Competition, hosted and sponsored by the Eastern Caribbean Central Bank (ECCB).

Kyle emerged winner of the 14 – 16 category with an essay on the topic: “Britain’s withdrawal from the European Union can negatively impact the economies of the OECS”. Kyle asserts that the United Kingdom (UK) has been the principal target market for trade for the English-speaking Caribbean, therefore the impending departure of the UK from the European Union in 2019 will result in the severing of the OECS’s only trade agreement with the UK.

In the 17 – 19 category, Rol-J Williams captured the top prize with his piece on the same topic. In Rol-J’s view, the United Kingdom’s exit from the European Union can negatively impact the open economies of the OECS by disrupting preferential trade agreements that have been established trilaterally with the once British-dependent states of the OECS, the United Kingdom and the European Union.

The OECS Essay Competition, which is part of the ECCB’s Community Outreach Programme, is aimed at encouraging critical thinking and raising the awareness of secondary school and college students in the Eastern Caribbean Currency Union (ECCU) on issues of economic and social development.

Khadijah Halliday of the St Joseph’s Convent Secondary School in Saint Lucia and Tia Ashley Katrib of Christ the King High School in Antigua and Barbuda were the second and third place winners respectively in the age 14-16 category. In the age 17–19 category, Cheyenne Quinlan of the Sir Arthur Lewis Community College, Saint Lucia took second place, while Jessica Prevost of the Dominica State College placed third.

The first place winners in each of the categories will be awarded a $2,500 cash prize and a grant of $1,500 will be awarded to their respective schools.  The students who placed second will each receive $1,500 and their schools will be presented with a grant of $1,000. The third place winners will each receive $1,000 and their schools will be awarded a grant of $500. 

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Call for Comments & Consultation

Draft ESMF for the Eastern Caribbean Partial Credit Guarantee Corporation and World Bank Project OECS MSME Guarantee Facility (P157715)

The Environmental and Social Management Framework (ESMF) is an instrument that helps the Facility and Participating Lenders (PLs) to identify appropriate methods and tools to…

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Call for Comments & Consultation

Draft ESMF for the Eastern Caribbean Partial Credit Guarantee Corporation and World Bank Project OECS MSME Guarantee Facility (P157715)

The Environmental and Social Management Framework (ESMF) is an instrument that helps the Facility and Participating Lenders (PLs) to identify appropriate methods and tools to assess and manage the potential environmental and social risks and impacts of the project.  The ECPCGC and PLs, as well as participating MSMEs, will be responsible to adhere to the ESMF with due diligence and efficiency in compliance with all requirements pertaining to environmental and social protection.

The draft ESMF was prepared and disclosed in November 2017 and is now being presented to key stakeholders as part of the awareness campaign facilitated by the Eastern Caribbean Central Bank (ECCB).  Key findings of the consultations will be summarized and included in the final revisions of the ESMF.  Dates of the consultations will be the following:

  • Saint Lucia, Nov. 14, 2017
  • Antigua and Barbuda, Nov. 17, 2017
  • Grenada, Nov. 20, 2017
  • Saint Vincent and the Grenadines, Nov. 22, 2017
  • Saint Kitts and Nevis, Nov. 28, 2017 (to be confirmed)

The draft ESMF was published on ECCB website and opened for public comment, and will be updated to include verbal and written comments received during the consultations.  The revised and final ESMF will subsequently be disclosed and published on the World Bank and ECCB websites.  ­­­Other changes or revisions are expected to occur periodically as ECCB and ECPCGC improves MSME support and project performance.

Click here for more information. You may submit your written comments to info@eccb-centralbank.org  no later than November 30th, 2017

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22nd Sir Arthur Lewis Memorial Lecture

Persistent Poverty or Sustainable Socio-economic Development in the Caribbean – the disruptive reforms necessary to secure the latter.

Adopting fiscal responsibility frameworks which promote countercyclical fiscal policy, effectively facilitates saving more during good times, so we have buffers in case natural…

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22nd Sir Arthur Lewis Memorial Lecture

Persistent Poverty or Sustainable Socio-economic Development in the Caribbean – the disruptive reforms necessary to secure the latter.

Adopting fiscal responsibility frameworks which promote countercyclical fiscal policy, effectively facilitates saving more during good times, so we have buffers in case natural disasters or economic shocks occur. For more information.

Latest News
ECCB Presents 9th Sir Arthur Lewis Memorial Book Award to Anguilla Community College

In accepting the book award, Carla Harris, Registrar and Secretary to the Board of Governors of the Anguilla Community College, said that the books will benefit, not only the students of the college, but every resident of Anguilla as the college has recently established a relationship with the Anguilla Public…

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ECCB Presents 9th Sir Arthur Lewis Memorial Book Award to Anguilla Community College

In accepting the book award, Carla Harris, Registrar and Secretary to the Board of Governors of the Anguilla Community College, said that the books will benefit, not only the students of the college, but every resident of Anguilla as the college has recently established a relationship with the Anguilla Public Library.

The ECCB instituted the book award in 2009 in honour of the memory of the late Sir Arthur Lewis, Nobel Laureate and one of the pioneers of development economics. Each year the award is presented to a community college in the Eastern Caribbean Currency Union (ECCU) on a rotational basis.  The collection of books includes some of the most recent and widely sought publications in economics, politics, science, development and communication.

Daily Indicative Exchange Rates to the EC Dollar
15th Dec 2017

UNITED ARAB EMIRATES DIRHAM
0.7351
AUSTRALIAN DOLLAR
2.0730
BARBADOS DOLLAR
1.3500
BELIZE DOLLAR
1.3500
CANADIAN DOLLAR
2.1172
SWISS FRANC
2.7324
CHINESE YUAN
0.4086
DANISH KRONE
0.4278
EURO
3.1851
POUND STERLING
3.6227
GUYANA DOLLAR
0.0129
JAMAICAN DOLLAR
0.0215
JAPANESE YEN
0.0241
SOUTH KOREAN WON
0.0025
KUWAITI DINAR
8.9400
NOWEGIAN KRONE
0.3260
NEW ZEALAND DOLLAR
1.8951
SWEDISH KRONA
0.3204
TRINIDAD AND TOBAGO DOLLAR
0.3996
UNITED STATES DOLLAR
2.7000
VENEZUELAN BOLIVAR
0.2703

Interest Rates

ECCB DAILY CALL RATE
1.19%
15th Dec 2017
ECCB DISCOUNT RATE
6.5%
ECCB FIXED DEPOSIT RATE 1 MONTH
1.25%
15th Dec 2017
ECCB FIXED DEPOSIT RATE 2 MONTH
1.2948%
15th Dec 2017
ECCB FIXED DEPOSIT RATE 3 MONTH
1.3515%
15th Dec 2017
ECCU MINIMUM SAVINGS DEPOSIT RATE
2%
1st May 2015
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