ECCU Projected To Grow By About 7.0 Percent In 2022

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The Eastern Caribbean Central Bank (ECCB) expects the Eastern Caribbean Currency Union (ECCU) to grow by about 7.0 percent next year as the region’s dominant tourism sector gathers momentum.

The disclosure came from ECCB Governor Timothy Antoine, who, in a Christmas Message, said that the bank would publish revised estimates at the end of January 2022.

Reflecting on the past year, Antoine spoke of several achievements for which the ECCB can be justifiably proud and mentioned three.

First, he mentioned continued collaboration with banks and other financial institutions to deliver much-needed and appreciated loan repayment deferral.

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In this regard, Antoine disclosed that some loans had been graduated or restructured, but about 6,000 loans at $1.2 billion currently benefit from the programme.

Secondly, he noted the ECCB’s provision of $1.0 million to ensure the timely rollout of vaccination programmes in its member countries.

And thirdly, he pointed to the launch of the ECCB’s award-winning digital currency, DCash, thereby becoming the first currency union in the world to launch a digital currency.

” DCash is now available in seven of our eight member countries. We anticipate onboarding Anguilla in early 2022,” the ECCB Governor stated.

He explained that amid the COVID-19 uncertainty, the Currency Union is projected to have grown by about 1.0 per cent after a contraction of 17.0 per cent in 2020.

“We are grateful that our fair isles were spared the ravages of monster storms but are mindful of the devastation wrought by the eruption of the La Soufriere volcano in Saint Vincent and the Grenadines and the criticality of additional resources as the country builds back. We urge those who pledged to make good on their commitments and encourage others to step forward,” Antoine said.

He also hailed the tireless work of frontline and essential workers, including the media, as the region prepares to enter the third year of the COVID-19 pandemic.

And Antoine thanked individuals who have stepped forward to get vaccinated while encouraging others to do so.

“Let us all do our part to save lives and restore livelihoods,” he urged.

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Editorial Staff
Editorial Staff
Our Editorial Staff at St. Lucia Times is a team publishing news and other articles to over 200,000 regular monthly readers in Saint Lucia and in over 150 other countries worldwide.

5 COMMENTS

  1. Look at him just a bloody capitalist banker working for the babylon system what growth is he talking about when 80 percent of the private sector workforce earn 3:50 an hour people are working just to buy food..

  2. Re Article.He is not thinking about our current System is.. He should give everyone at a thousand dollars weekly for at least Two years.. Give people the spending power and the system will change, create a fair tax system and we will Bloom a new way of life..I endorse my thoughts..

  3. The wolf in sheep’s clothing speaks. Tell us how you will achieve that growth when you fire your staff that aren’t taking these shots as you have been threatening to. Who will you bring in with that level of talent and experience. You’re a fraud and for invoking the lord’s name in your tyranny and evil agenda you will have a special place in hell reserved for you.

  4. Brother can you justify growth when equally you have growth in starvation and crime out pace your growth. Where are these growth monies going into who’s pocket or where it is hiding. I firmly believe you cooking up figures because in reality it does add up. And where 7% growing from 6.89%?

Comments are closed.

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