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International Monetary Fund. Western Hemisphere Dept.

Statistics Department undertook a mission on Balance of Payments Statistics in 2012 to work with the ECCB Authorities on meeting the requirements of the Balance of Payments and International Investment Position Manual, sixth edition (BPM6) . Monetary and Financial Statistics The 2003 money and banking statistics mission indicated that enhanced institutional coverage, classification of financial instruments, and sectorization of economic units would facilitate identification of credit flows to different sectors of the economy and compilation of monetary aggregates

International Monetary Fund. Western Hemisphere Dept.
This paper presents IMF’s 2019 Discussion on Common Policies of Member Countries of the Eastern Caribbean Currency Union (ECCU). ECCU’s gross domestic product (GDP) growth accelerated from 3/4 percent in 2017 to 3 3/4 percent in 2018, reflecting buoyancy in the tourism sector, sizable Citizenship-by-Investment (CBI) inflows, and a recovery from the 2017 hurricanes in Anguilla and Dominica, which were supported by large public investments in reconstruction. Fiscal deficits increased in 2018–2019, but they have remained moderate. Efforts are needed to streamline, and re-balance tax incentives based on clear principles consistent with international best practices. External imbalances are sizable and significant financial sector vulnerabilities affect both banks and non-banks. Growth is projected to gradually moderate toward its long-term average of 2 1/4 percent as the cyclical momentum normalizes and CBI inflows ease. These trends would also contribute to wider fiscal deficits, ending the downward drift in public debt dynamics. The outlook is clouded by downside risks, including a possible intensification of natural disasters and financial sector weaknesses.
International Monetary Fund. Western Hemisphere Dept.

individual countries. While the ECCB authorities agree that these reforms should move faster, they believe that staff need to be more pragmatic in assessing the pace of regional reforms giving due consideration to different country circumstances. Our authorities do not support phasing out the minimum savings rate (MSR) at this time and will consider its removal in conjunction with other reforms, including the introduction of deposit insurance. Our authorities continue to be concerned about the possibility of further CBR losses . They are grateful to the Fund and other

International Monetary Fund

well developed” and the ECCU area “has experienced a sustained period of monetary and financial stability at least since 1976 ” according to the Financial System Stability Assessment (FSSA) before the Board. My ECCB authorities agree. They also agree that “A solvent and liquid domestic banking system is fundamental to the maintenance of the ECCB’s quasi-currency board arrangement, as well as for sustaining economic growth and development”. They welcome the recognition in the FSSA [summary Box, 1st page] that “there is continuing confidence in the financial system

International Monetary Fund

investigation of an applicant before making a recommendation to the Minister. This would also include an assessment of whether the significant shareholders, and the directors and management are fit and proper in accordance with specified criteria (Section 27). The draft new uniform Banking Act should be further enhanced to grant the ECCB authority relating to the issue and revocation of domestic banking licenses, as well as enhanced enforcement powers. Prudential Regulations and Requirements (CPs 6–15) 93. At present, ECCB applies on a non-statutory basis the Basel

International Monetary Fund. Western Hemisphere Dept.

energy sources to reduce long-term energy costs. 28. Weak data quality is of increasing concern . Accelerating efforts to improve economic data is crucial to providing a better basis for policy decisions. 29. It is proposed that the next Article IV consultation be held on a standard 12-month cycle . The PPM framework will continue until outstanding Fund credit falls below 200 percent of quota, expected by May 2016, absent early repayment. Figure 1. St. Kitts and Nevis in the Regional Context Sources: ECCB, authorities and IMF staff estimates. Figure