Governor of the Eastern Caribbean Central Bank Timothy Antoine met the St. Lucia media last week to present the Eastern Caribbean Currency Union and Saint Lucia Scorecards.
The ECCB Governor spoke of the global economy, prospects and risks; outlined the ECCB’s shared vision and strategic approach to the region’s economic development.
Mr. Antoine noted that the outlook for the ECCU economy “remains positive albeit below target, but risks loom”. He said “faster economic progress necessitates the acceleration of structural reforms” and suggested that digital transformation was a “pathway to socio-economic transformation and shared prosperity”.
He revealed that growth in the ECCU remains constrained by high debt but in reference to the Debt to GDP ratio the ECCB Governor pointed out that Saint Lucia appears on course to attain the target of 60 per cent by 2030.
Mr Antoine also reported that “over the period 2017-2019, there were no losses of correspondent banking relationships in Saint Lucia” but the same could not be said of other economies in the ECCU as
“Some relationships were terminated, while new ones were created at increased cost and enhanced due diligence with resultant delays”.
In reference to the Citizenship by Investment Programme Mr Antoine called on the region to “adopt a regional approach to standard setting and pricing, and use inflows for productive sectors, resilience building and debt reduction”.
He also drew attention to the DXCDCaribe Digital Currency Pilot Project which was described as a secure, simple, accessible, fast payment channel for the region.
St. Lucia is among ECCU states participating in the Digital Currency pilot – the partners in St. Lucia are
Bank of Saint Lucia, CIBC FirstCaribbean, 1st National Bank of St. Lucia, Sagicor Finance Inc., St. Lucia Civil Service Co-operative Credit Union and the Mon Repos Credit Union.
The Pilot project rolls out in May 2020.
Read the full PowerPoint presentation by the ECCB Governor here.ECCBLIB-930469-v1-Country_Outreach_Programme_Saint_Lucia_Jan_2020__V3_Media.PPT