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Communique of 91st Meeting of the Monetary Council of the Eastern Caribbean Central Bank

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  • Global output is estimated to have risen to 3.8 per cent in 2017 and is forecast to continue rising in 2018 and 2019 to a projected 3.9 per cent.
  • With strong global economic growth, it is anticipated that ECCB member countries will benefit from positive spill-overs including increased Tourism, Foreign Direct Investment and Remittances.
  • Money and credit conditions continued to show a general improvement but domestic credit conditions were less than optimal. Domestic credit fell by 1.2 per cent to $9.7 billion.
  • Growth in money supply increased by 4.1 per cent to $17.1 billion as at 31 March 2018.
  • The Currency Union’s exchange rate arrangement continued to be supported by a strong and growing stock of foreign currency reserves.
  • Total assets increased by 3.9 per cent to $30.8 billion (156.3 per cent of GDP);
  • Deposits increased by 3.6 per cent to $21.6 billion (109.6 per cent of GDP);
  • Loans and advances had a nominal contraction of 0.1 per cent to $12.2 billion (61.9 per cent of GDP); and
  • The non-performing loan ratio increased from 10.9 per cent to 12.0 per cent.
  1. Dr The Right Honourable Keith Mitchell, Prime Minister and Minister for Finance, Grenada (Chairman)
  2. Hon Victor F Banks, Chief Minister and Minister for Finance, Anguilla;
  3. Hon Gaston Browne, Prime Minister and Minister for Finance, Antigua and Barbuda;
  4. Hon Roosevelt Skerrit, Prime Minister and Minister for Finance, Commonwealth of Dominica;
  5. Hon Donaldson Romeo, Premier and Minister for Finance, Montserrat;
  6. Dr the Hon Timothy Harris, Prime Minister and Minister for Finance, St Kitts and Nevis;
  7. The Hon Camillo Gonsalves, Minister for Finance, St Vincent and the Grenadines; and
  8. Senator, the Hon Ubaldus Raymond, Minister of Public Service, Temporary Council Alternate for Saint Lucia.

Published July 31, 2018

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