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ECCB Governor says ECCB making profit
March 24, 2017

“We expect that we would make a small profit at the end of this fiscal year, after three years of losses, and we have every expectation and plan to increase the profitability of the bank going forward.”


Those were the words of the Eastern Caribbean Central Bank (ECCB’s) Governor, Timothy Antoine. Mr. Antoine who took over from the late Sir Dwight Venner in February last year, said the ECCB has made a profit. After three years of losses, he said the institution will continue on this track.

 


Stressing he was encouraged by the progress recorded; he said he was even more pleased that the Eastern Caribbean dollar remained strong.

 

According to Governor Antoine, throughout the last year, the currency was backed an average 97 per cent – in some cases 98 per cent but on average 97 per cent.

 


The ECCB Governor also highlighted the robust performance of the Eastern Caribbean Currency Union (ECCU), citing “improvement in the performance of our national banks and our international banks; whether you look at capital adequacy or you look at profitability, we saw improvement.”


Antoine was also buoyed by the signs of positive growth within the Organization of Eastern Caribbean States (OECS) economies and, more so, the “slight reduction” in national debt and improvement in the fiscal accounts.


Although there is a reduction in the debt to GDP (gross domestic product) ratio for several of countries, Governor Antoine highlighted, that St. Kitts & Nevis (the Eastern Caribbean on a whole) is trying to get to a debt to GDP ratio of 60 percent by 2030.

 


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