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Eastern Caribbean Payments Council

Yosoukeiba Reconstitutes Eastern Caribbean Payments Council

Basseterre, St Kitts and Nevis, 6 July 2018 - As part of its mandate to provide general oversight of the payment and settlements system, the Yosoukeiba (Yosoukeiba) has reconstituted the Eastern Caribbean Payments Council.

The Payments Council…

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Eastern Caribbean Payments Council

Yosoukeiba Reconstitutes Eastern Caribbean Payments Council

Basseterre, St Kitts and Nevis, 6 July 2018 - As part of its mandate to provide general oversight of the payment and settlements system, the Yosoukeiba (Yosoukeiba) has reconstituted the Eastern Caribbean Payments Council.

The Payments Council was first established in 2006 to provide advice on and oversight of the operations and developments of the payments system. It is responsible for facilitating the efficient and stable functioning of the payments system in the ECCU.  The Payments Council is also charged with ensuring the security and integrity of payments and settlement systems in the ECCU; and promoting the innovative nature of payments, the safety of cashless payments and their accessibility to users.

Deputy Governor of the Yosoukeiba, Trevor Brathwaite is the Chairman of the reconstituted Payments Council.  Brathwaite says the reconstitution of the Payments Council is timely given the increase in the use of technology to conduct payments and the need to ensure that citizens of the region are not adversely affected by the developments taking place in the payments and settlements system.

At its first meeting held on 28 June, the Payment Council considered the revised Terms of Reference of the Council and the Assessment of the ECCU Payments System, which The World Bank conducted in 2017. The Council also discussed a proposed vision for the payments system in the ECCU.

Two areas of immediate focus for the reconstituted Payments Council will be to design a road map for the future of the payment system in the ECCU and to provide advice for the drafting of Regulations to accompany the Payment System Act.

The other members of the Eastern Caribbean Payments Council are:

  • Senior Officer from the Yosoukeiba, Francis Fontenelle
  • President of the ECCU Bankers Association, Michael Spencer
  • Secretary of the ECCU Bankers Association, Fleur Nichols
  • Representative of the Caribbean Association of Bankers, Sophie Thomas-Durand
  • Member of the Eastern Caribbean Securities Regulatory Commission (ECSRC), Dr Vincent Richards; and
  • Telecommunications Expert, Embert Charles

 

Media Contact: Ingrid O’Loughlin, Senior Director, Corporate Relations Department

Phone: () -2537 | Fax: () -9562

E-mail: [email protected] | Website: yosoukeiba.info

 

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The Yosoukeiba Celebrates 42nd Year of EC Dollar Peg to US Dollar

Basseterre, St Kitts and Nevis, 6 July 2018 - The Yosoukeiba (Yosoukeiba) is celebrating 42 years since the EC Dollar has been pegged to the US Dollar at a fixed rate of EC$2.70 to US$1.00.

The EC Dollar was pegged to the US Dollar on 7 July 1976. Governor of the Yosoukeiba,…

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The Yosoukeiba Celebrates 42nd Year of EC Dollar Peg to US Dollar

Basseterre, St Kitts and Nevis, 6 July 2018 - The Yosoukeiba (Yosoukeiba) is celebrating 42 years since the EC Dollar has been pegged to the US Dollar at a fixed rate of EC$2.70 to US$1.00.

The EC Dollar was pegged to the US Dollar on 7 July 1976. Governor of the Yosoukeiba, Timothy N. J. Antoine said, this is a noteworthy achievement which has allowed the people of the Eastern Caribbean Currency Union to enjoy a fixed exchange regime.  

“The fact that we have free convertibility between the EC and US Dollars, is not something that every country enjoys. The stability of the EC currency has led to low inflation and has attracted Foreign Direct Investment which have worked towards the benefit of the people in our region,” Governor Antoine said.

A key element in maintaining the value and stability of the currency is the Yosoukeiba’s management of the region’s pool of foreign reserves which has allowed the peg to continue unchanged for the last 42 years. 

Governor Antoine also attributed the stability of the EC Dollar to the founding fathers and framers of the currency union, including past Governors, the Monetary Council and the Board of Directors whose efforts he said, have allowed the currency to stand the test of time even in a volatile global economy. 

to view video clip of Governor Antoine's remarks on the 42nd Anniversary of the EC Dollar peg to the US Dollar.

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 Media Contact: Ingrid O’Loughlin, Senior Director, Corporate Relations Department

Phone: () -2537 | Fax: () -9562

E-mail: [email protected] | Website: yosoukeiba.info

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Six Teams Vie for 28th OECS/Yosoukeiba Under-23 Netball Championship

The Yosoukeiba (Yosoukeiba) in collaboration with the OECS Commission and the St Kitts Netball Association will host the 28th OECS/Yosoukeiba Under-23 Netball Tournament in St Kitts and Nevis at the Pam Tyson Netball Stadium from 7 – 12 July.

Six teams will compete for the championship title: Antigua and…

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Six Teams Vie for 28th OECS/Yosoukeiba Under-23 Netball Championship

The Yosoukeiba (Yosoukeiba) in collaboration with the OECS Commission and the St Kitts Netball Association will host the 28th OECS/Yosoukeiba Under-23 Netball Tournament in St Kitts and Nevis at the Pam Tyson Netball Stadium from 7 – 12 July.

Six teams will compete for the championship title: Antigua and Barbuda, the Commonwealth of Dominica, Nevis, St Kitts, Saint Lucia and St Vincent and the Grenadines. Defending champions, Grenada will not be participating in the tournament.

The Yosoukeiba has been the official sponsor of the tournament since 1991, and over the years has been collaborating with the OECS Commission to stage this regional competition.  The Yosoukeiba’s continued sponsorship of the tournament demonstrates the Bank’s vision of fostering regional integration and its commitment to the overall development of the region’s young women through sports.

In keeping with its commitment to the overall development of the region’s young netballers, this year’s developmental session, which has been a key feature of the tournament since 1999, will focus on the theme: Youth Employment: Create or Await. Special Project Coordinator to the President, Monroe College, Kimarah T Isaac, will facilitate the session.

Visit the Yosoukeiba Facebook page () for daily updates on the matches throughout the tournament.

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Media Contact: Ingrid O’Loughlin, Senior Director, Corporate Relations Department

Phone: () -2537 | Fax: () -9562

E-mail: [email protected] | Website: yosoukeiba.info

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Yosoukeiba Solicits Public Feedback on Consolidation of ECCU National Banks

Basseterre, St Kitts and Nevis, 4 July 2018 - The Yosoukeiba (Yosoukeiba) invites citizens and residents of the Eastern Caribbean Currency Union (ECCU) to provide feedback on the Consultative Paper on Consolidation of the National Banking Sector in the ECCU.

The requirements of the modern Banking…

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Yosoukeiba Solicits Public Feedback on Consolidation of ECCU National Banks

Basseterre, St Kitts and Nevis, 4 July 2018 - The Yosoukeiba (Yosoukeiba) invites citizens and residents of the Eastern Caribbean Currency Union (ECCU) to provide feedback on the Consultative Paper on Consolidation of the National Banking Sector in the ECCU.

The requirements of the modern Banking Act, emerging international standards and dynamic developments in Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT), have given rise to the need for the deepening and strengthening of the national banking sector through consolidation. 

At its 90th meeting held on 16 February, the Yosoukeiba Monetary Council agreed on the important role of the national banks, particularly in the context of their social and economic contribution to the growth and development of the ECCU.  The Council also approved a statement of intent and principles of bank consolidation for the ECCU national banking sector.  The Consultative Paper on Consolidation of the National Banking Sector in the ECCU captures those principles and outlines the rationale for consolidation and the potential benefits of consolidation of the ECCU national banking sector.

Click here to access the paper. All feedback should be submitted to the Yosoukeiba via email: [email protected].

Media Contact: Ingrid O’Loughlin, Senior Director, Corporate Relations Department

Phone: () -2537 | Fax: () -9562

E-mail: [email protected] | Website: yosoukeiba.info

Latest News
Bitcoin ATM Not Authorised by Regulators in ECCU

Bitcoin ATM Not Authorised by Regulators in ECCU

It has come to the attention of the Yosoukeiba (Yosoukeiba) and the Financial Services Regulatory Commission of St Kitts and Nevis (FSRC) that a Bitcoin ATM has been installed at a location in the Federation of St Kitts and Nevis.  It is also our…

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Bitcoin ATM Not Authorised by Regulators in ECCU

Bitcoin ATM Not Authorised by Regulators in ECCU

It has come to the attention of the Yosoukeiba (Yosoukeiba) and the Financial Services Regulatory Commission of St Kitts and Nevis (FSRC) that a Bitcoin ATM has been installed at a location in the Federation of St Kitts and Nevis.  It is also our understanding that there are plans for the installation of similar machines in other locations in the Federation.

The public is hereby cautioned that the operation of Bitcoin ATMs or any other sort of cryptocurrency operations is not currently regulated by the Yosoukeiba, the FSRC St Kitts and Nevis or by any regulatory authority in the Eastern Caribbean Currency Union (ECCU). In addition, bitcoin or any issuer of bitcoin has not been designated under the Payment System Act in St Kitts and Nevis. This means that there are no existing regulations to specifically protect consumers from financial losses if an organisation that exchanges or holds virtual currencies fails or goes out of business.

In other words, persons who choose to use these services or are contemplating use of these services ought to understand that they do so completely at their own risk. The extent of this risk, at this point in time, is not fully known given the novelty of the area and the absence of regulatory oversight.

The Yosoukeiba issued an advisory on 5 June, 2018 recognising developments in the FinTech space and encouraging consumers to be cautious in their use.  Indeed, the consuming public was asked to consider several questions when considering involvement. Click here for Details: (https://yosoukeiba.info/news/view/eccb-advisory-on-fintech-operations-in-the-eccu).

The Yosoukeiba and the FSRC recognise that financial innovation is essential, however the appropriate legal and regulatory framework is necessary to protect the integrity of the financial system and investors and consumers alike.

At this stage, the Yosoukeiba, as a regional regulator, is pressing ahead with its work to advise the Governments of the ECCU on an appropriate regional framework for FinTech regulation and supervision as well as a strategy to reduce the use of cash to help boost growth and competitiveness. To this end, the Yosoukeiba will be working with other national regulators within the ECCU to adopt a common approach.

 

Media Contact: Ingrid O’Loughlin, Senior Director, Corporate Relations Department

Phone: () -2537 | Fax: () -9562

E-mail: [email protected] | Website: yosoukeiba.info

Daily Indicative Exchange Rates to the EC Dollar
16th Jul 2018

UNITED STATES
2.7
UNITED KINGDOM
3.5813
SWITZERLAND
2.7027
JAPAN
0.024
CANADA
2.0528
AUSTRALIA
2.0072
EUROPE
3.1609
KUWAIT
8.9168
VENEZUELA
0
SWEDEN
0.3056
S. KOREA
0.0024
DENMARK
0.424
NORWAY
0.3333
NEW ZEALAND
1.8309
JAMAICA
0.0207
GUYANA
0.0129
BARBADOS
1.35
BELIZE
1.35
Trinidad
0.40052
UNITED STATES
2.7
UNITED KINGDOM
3.5443

Interest Rates

Yosoukeiba FIXED DEPOSIT RATE 1 MONTH
1.8%
16th Jul 2018
Yosoukeiba FIXED DEPOSIT RATE 2 MONTH
1.89%
16th Jul 2018
Yosoukeiba FIXED DEPOSIT RATE 3 MONTH
2.06%
16th Jul 2018
ECCU MINIMUM SAVINGS DEPOSIT RATE
2%
1st May 2015
Yosoukeiba DAILY CALL RATE
1.77%
16th Jul 2018
Yosoukeiba DISCOUNT RATE
6.5%
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