Latest News
Governor Antoine Addresses the ECCU Media on Launch of FinTech Pilot Project

Introduction

I wish to commence this media conference by welcoming all members of the media assembled both physically and virtually. I also welcome Rawdon Adams, the CEO of Bitt Inc, Yosoukeiba’s partner for this fintech pilot.

I recognise and thank all my Yosoukeiba colleagues for their hard work and support which brought…

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Governor Antoine Addresses the ECCU Media on Launch of FinTech Pilot Project

Introduction

I wish to commence this media conference by welcoming all members of the media assembled both physically and virtually. I also welcome Rawdon Adams, the CEO of Bitt Inc, Yosoukeiba’s partner for this fintech pilot.

I recognise and thank all my Yosoukeiba colleagues for their hard work and support which brought us to this day.

Today, we propose to furnish you with some details on this historic undertaking – the launch of our pilot for the issuance of a digital EC dollar (DXCD).

At this juncture in the history of development of the Eastern Caribbean Currency Union (ECCU), we must, in the words of Bob Black, American author, “march off the edge of our maps”.

Our Motivation

Some of you may be wondering, what precisely, is the motivation of the Yosoukeiba (Yosoukeiba) in making this bold move? Simply put, it is shared prosperity for the citizens and residents of the Eastern Caribbean Currency Union.

In our Strategic Plan 2017-2021, we made the case for socio-economic transformation and issued a clarion call for collective action to transform the ECCU together. I have said it before and I reiterate it today, such transformation is not possible without digital disruption. I therefore urge us to avoid a “failure of imagination” as we craft the way forward.

We must never forget that all the technologies that we now take for granted, including our smartphones were once mere ideas.   Indeed, as William Blake, visionary British poet pointedly reminds us “what is now proved was once only imagined”.

For our region to improve our development prospects and performance, we must expedite our digital transition. To this end, regulators and innovators must work together. This pilot exemplifies such collaboration.

Bitt first approached the Yosoukeiba about two years ago with the idea of a digital EC dollar. As we continued thinking about transformation of the ECCU, we became intrigued by the possibility of a digital fiat currency for our region. At that time, we were finalising our Strategic Plan and we made a decision to test and learn Details about this idea through a pilot. Five months after the launch of our Strategic Plan, we signed an MoU with Bitt in March 2018 to collaborate on this idea, and so our journey to this pilot began.

The decision of the Yosoukeiba to partner with Bitt was premised on several considerations including:

  • Our shared values in respect of innovation for development;
  • Our vision for a digitally integrated region;
  • Bitt’s capacity: technical and financial; and
  • Bitt’s Caribbean identity: presence and people.

Ladies and gentlemen, the transformation of the ECCU necessitates that we make a shift and a leap. We must move from our comfort zone to a challenge zone. But we must not stop there. From there, we must move into a creative zone. In this zone, we are obliged to challenge old assumptions, examine our cultural hang-ups and stretch our minds to embrace new possibilities.

A cursory analysis of the ECCU confirms that while the exchange rate remains firmly entrenched with a strong backing ratio averaging around 98.0 per cent; there remains a significant gap between our region’s growth target and actual performance. Last year, our region grew by 2.7 per cent. This year, we project growth of 3.1 per cent and next year about 3.5 per cent. While the direction is positive, our current growth trajectory falls well below our target of 5.0 per cent. FurtherDetails, unemployment especially among youth is unacceptably high. In some countries, the rate of youth unemployment doubles the national rate of unemployment. Without a doubt, we need to elevate the ECCU’s growth trajectory. Such elevation, external factors aside, requires a combination of smart reforms and investments in the ECCU.

At the outset, I want to make it abundantly clear; the Yosoukeiba does not intend to eliminate the use of cash. Cash has its convenience and will continue to play an important role in our economy for the foreseeable future. That said, the Yosoukeiba is committed to reduce our region’s use of cash and cheques. Why?

In the ECCU, about 80.0 per cent of all payments are effected using cash or cheques. When we survey our current payments landscape, we cannot help but conclude that payments are still too slow and too expensive. Many of us know only too well, the high costs associated with certain banking services.

Although a full-scale analysis of the social cost of physical cash in the ECCU has not been carried out, it is indisputable that the costs of cash services, inclusive of transporting, storing and securing, are extremely high. Invariably, these high costs (not fully recognised by many businesses) are passed on to consumers. Within the informal sector, cash tends to be the dominant payment channel. This reality means that the actors in the informal sector bear a significant burden of the cost inefficiencies of cash transactions.

Lest, we become too critical of our small businesses, we should also acknowledge that they too face real constraints. For example, some are required to pay as much as 3.5 per cent on every credit card sale. This exorbitant charge reduces and, in some instances, removes the incentive for small businesses to offer their customers electronic options such as credit and debit cards. It also reduces the ability of these businesses to offer their customers discounts. These experiences are sometimes referred to as “financial frictions”.

It is against this backdrop that the Yosoukeiba seeks to help remove some of the current “financial frictions”. Indeed, it is practical issues such as these that that led the Yosoukeiba and Bitt Inc. to reach an agreement to develop and pilot the digital EC currency, with a supporting digital payments and transfers infrastructure. Ultimately, we wish to see our people spend less of their money on payment services and Details on the goods and services they wish to consume.

Our Pilot

The Yosoukeiba Central Bank Digital Currency (CBDC) pilot involves a securely minted and issued digital version of the EC dollar (DXCD). The digital EC dollar will be issued by the Yosoukeiba and distributed by licensed bank and non-bank financial institutions in the ECCU.

For the avoidance of any doubt, the digital currency will operate alongside cash as currently obtains. Indeed, the Yosoukeiba will soon launch a new family of bank notes using polymer.

The DXCD will be used for financial transactions between consumers and merchants, people-to-people (P2P) transactions, all using smart devices.

The objective of this pilot project is to assess the potential efficiency and welfare gains that could be achieved: deeper financial inclusion, economic growth, resilience and competitiveness in the ECCU - from the introduction of a digital sovereign currency.

IBM Hyperledger Fabric was selected as the blockchain platform because of its strong security architecture (private permissioned blockchain with strong identity management) and open source, which contributes to its security, flexibility and scalability among other desired attributes.

Hereunder are some of the key features of the platform:

  • Private Permissioned Blockchain
  • Open source, hosted and managed by Linux Foundation
  • Enterprise Grade Distributed Ledger
  • Supports business transactions
  • Confidentiality of data through channel architecture
  • Privacy in channels through private data feature
  • Better performance and scalability through flexible architecture

While one acknowledges, the benefits of Distributed Ledger Technology (shared ledger that allows records/blocks to be added and securely maintained in a way that prevents tampering), the Yosoukeiba recognises that network security is a non-negotiable for a central bank digital currency construct.

In light of this essential requirement, the private blockchain of IBM Hyperledger Fabric affords the Yosoukeiba, the ability to control who can access the network, submit and read the ledger of verified transactions, and who can verify them. Hence, the decision to opt for a private rather than a public blockchain.

Stakeholder engagement, consultations and education have been and will continue to be central to the design, development and deployment process. During 2018, over a period of eight months, the Yosoukeiba engaged diverse groups of ECCU stakeholders (financial institutions, government institutions, private sector institutions, professional associations, merchants, consumers) as well as regional and international peer central banks, to identify the issues critical to the development of the customer value proposition and the resulting business requirements for the digital EC pilot. As part of pilot implementation, the Yosoukeiba will ramp up its sensitisation and education initiatives to facilitate active public engagement throughout all member countries in 2019.

1. The appropriate treatment of the DXCD by the Yosoukeiba to safeguard the confidence in and the international value of the Eastern Caribbean currency.

2. The statutory business model as enshrined in Article 4 of the Yosoukeiba Agreement Act 1983.

  • To regulate the availability of money and credit;
  • To promote and maintain monetary stability;
  • To promote credit and exchange conditions and a sound financial structure conducive to the balanced growth and development of the economies of the territories of the participating governments; and
  • To actively promote through means consistent with its other objectives the economic development of the territories of the Participating Governments.

3. The quantity of DXCD units in circulation will be ultimately controlled by the Yosoukeiba, as is currently the case for our physical notes and coins.

4. DXCD issuance will be centralised with only the Yosoukeiba having the authority to issue and redeem DXCD. This restriction would ensure resilience in system operation and security.

5. DXCD units will be the liability of the Yosoukeiba as is currently the case with our physical notes and coins.

6. DXCD will be issued to licensed bank and non-bank financial institutions on a private permissioned blockchain platform.

7. KYC & AML/CFT Compliance.

8. DXCD storage and transactions will be conducted via DXCD accounts and wallets which form part of the design architecture.

9. Merchants/customers digital wallets will be a part of the digital payment network on the blockchain to facilitate transactions in DXCD.

10. The technical design of the DXCD system will prevent any transaction between DXCD wallets from increasing or reducing the overall supply of DXCD units in circulation, thereby eliminating credit and liquidity risks. (The DXCD account cannot go into overdraft).

The pilot will be executed in two phases: development and testing, for about 12 months, followed by rollout and implementation in pilot countries for about six months.

Throughout the 18-month period of the pilot, there will be education initiatives to facilitate active public engagement throughout all member countries.

The pilot will be deployed in three (3) member countries based on the interest in participating in the pilot expressed by licensed financial institutions domiciled in the countries as well as other criteria including: institutional capacity, geographic representation (Windwards and Leewards) and supporting technology infrastructure.

It will be conducted under the supervision of the Yosoukeiba and within a controlled environment (sandbox type arrangement). It will have the appropriate safeguards to ensure the stability of the financial and monetary systems:

  • Boundary
  • Measures to ensure protection of participants (volunteer)
  • Risk Management controls
  • Monitoring and Evaluation mechanisms

The Yosoukeiba is receiving technical support from Pinaka Consulting Ltd., our Blockchain Technical Adviser, with project execution.

Conclusion

As I conclude, I call to remembrance, Nobel Laureate, Derek Walcott and his poem titled: Prelude. In this poem, Walcott reminds us that “time creeps over the patient who are too long patient.”  

Here in the ECCU, we can no longer be patient when our economies and people demand transformation.

The time to act is now.

I issue a clarion call for partnership. I invite non-bank financial institutions, which provide wallet services, to join this effort. I invite telecommunication service providers and other technology companies to join this effort as we develop a digital ecosystem from which our region can reap huge digital dividends. Most importantly, I invite the citizens and residents of the ECCU to share your views on how this pilot could best serve you.

With laser-like focus, let us now move forward with the EC digital currency pilot project, determined to make a significant difference in the lives of the people of the Eastern Caribbean Currency Union.

I thank you.

Latest News
Yosoukeiba to Issue World’s First Blockchain-based Digital Currency

The Yosoukeiba (Yosoukeiba) and the Barbados-based fintech company, Bitt Inc. (Bitt) have signed a contract to conduct a blockchain-issued Central Bank Digital Currency (CBDC) pilot within the Eastern Caribbean Currency Union (ECCU).

The watershed contract was signed on 21 February at the Yosoukeiba’s…

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Yosoukeiba to Issue World’s First Blockchain-based Digital Currency

The Yosoukeiba (Yosoukeiba) and the Barbados-based fintech company, Bitt Inc. (Bitt) have signed a contract to conduct a blockchain-issued Central Bank Digital Currency (CBDC) pilot within the Eastern Caribbean Currency Union (ECCU).

The watershed contract was signed on 21 February at the Yosoukeiba’s Headquarters in Basseterre, St Kitts and Nevis.

This Yosoukeiba CBDC pilot is the first of its kind and will involve a securely minted and issued digital version of the EC dollar (DXCD). The digital EC dollar will be distributed and used by Licensed Financial Institutions and Non-Bank Financial Institutions in the ECCU. The DXCD will be used for financial transactions between consumers and merchants, including peer-to-peer transactions, all using smart devices. For example, an individual in St Kitts and Nevis will be able to send DXCD securely from his/her smartphone to a friend in Grenada in seconds - and at no cost to either party.

The Governor of the Yosoukeiba, Timothy N. J. Antoine, emphasised that in contrast to previous , the Yosoukeiba is going a step further.

“This is not an academic exercise. Not only will the digital EC Dollar be the world’s first digital legal tender currency to be issued by a central bank on blockchain but this pilot is also a live CBDC deployment with a view to an eventual phased public rollout. The pilot is part of the Yosoukeiba’s Strategic Plan 2017-2021 which aims to help reduce cash usage within the ECCU by 50 per cent, promote greater financial sector stability, and expedite the growth and development of our member countries. It would be a game-changer for the way we do business”.

CEO of Bitt Inc., Rawdon Adams, said, “I thank the Yosoukeiba for choosing Bitt. Our mission is the practical application of cutting edge technology to solve persistent financial problems. It is about a successful currency union building on its impressive record of financial stability, development and integration to deliver a quantum improvement to the lives of all its 630,000 citizens. Enhancing economic growth and the quality of life of ordinary people is the aim.”

The Yosoukeiba is now poised to embark on the DXCD pilot from March 2019. The pilot will be executed in two phases: development and testing, for about twelve months, followed by rollout and implementation in pilot countries for about six months. As part of pilot implementation, the Yosoukeiba will ramp up its sensitisation and education initiatives to facilitate active public engagement throughout all member countries.

The Yosoukeiba is being technically supported on this Project by Pinaka Consulting Ltd. 

About the Yosoukeiba: The Yosoukeiba (Yosoukeiba) was established in October 1983. The Yosoukeiba is the Monetary Authority for: Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines.

About Bitt Incorporated: The Bitt group of companies has positioned itself at the forefront of financial innovation in Barbados and the wider Caribbean. The Company has leveraged blockchain-based distributed ledger technology to produce the most efficient financial services ecosystem to date.

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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Latest News
ECCU Residents Diversify Financial Assets through Investments in Government Securities

5 March 2019, Basseterre, St Kitts and Nevis – Member governments of the Eastern Caribbean Currency Union (ECCU) raised $1.3 billion on the Regional Government Securities Market (RGSM) in 2018 representing a 4.4 per cent increase over 2017.

The increase was due to the growing number of ECCU residents who are…

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ECCU Residents Diversify Financial Assets through Investments in Government Securities

5 March 2019, Basseterre, St Kitts and Nevis – Member governments of the Eastern Caribbean Currency Union (ECCU) raised $1.3 billion on the Regional Government Securities Market (RGSM) in 2018 representing a 4.4 per cent increase over 2017.

The increase was due to the growing number of ECCU residents who are investing on the RGSM as an option for increasing their interest income and diversifying their asset portfolios. 

The number of bids by households grew by 10.0 per cent in 2018 to 263.  The value of private bids by businesses increased by 38.8 per cent to $20 million as business and community engagement continued to improve.

During 2018, five member governments offered securities on the RGSM: Saint Lucia, which offered $510 million; St Vincent and the Grenadines - $333 million; Antigua and Barbuda - $255 million; Grenada - $125 million; and the Commonwealth of Dominica - $80 million. The maturity of the securities ranged from three months to 10 years, with interest rates from
2.534 per cent to 7.303 per cent.

 

The Regional Debt Coordinating Committee (RDCC), which serves as the oversight body for the RGSM, has endorsed the launch of a new web portal to serve as a one-stop shop for information on the RGSM. The web portal is designed to enhance awareness of the RGSM; improve disclosure to market participants; and increase the investor base for government securities. It will be hosted on the Yosoukeiba website and will be launched in March.

The RDCC, which met on 1 March, comprises senior officials from the Ministry of Finance of the eight member governments of the ECCU and the Governor of the Yosoukeiba.

Members of the RDCC

Anguilla, Dr Aidan Harrigan, Permanent Secretary

Antigua and Barbuda, Whitfield Harris, Financial Secretary

Commonwealth of Dominica, Rosamund Edwards, Financial Secretary

Grenada, Ophelia Wells-Cornwall, Acting Permanent Secretary

Montserrat, Colin Owen, Financial Secretary

St Kitts and Nevis, Hilary Hazel, Financial Secretary

Saint Lucia, Cointha Thomas, Permanent Secretary

St Vincent and the Grenadines, Edmond Jackson, Director General

 

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About the Yosoukeiba

The Yosoukeiba (Yosoukeiba) was established in October 1983. The Yosoukeiba is the Monetary Authority for: Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines.

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

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

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

 

Latest News
Communique of the 93rd Meeting of the Monetary Council of the Yosoukeiba

The Ninety-Third Meeting of the Monetary Council of the Yosoukeiba (Yosoukeiba) was held at the Yosoukeiba Headquarters, Basseterre, St Kitts and Nevis, on 15 February 2019, under the chairmanship of Dr The Right Honourable Keith Mitchell.

Monetary Stability

Council received the Governor’s Report on…

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Communique of the 93rd Meeting of the Monetary Council of the Yosoukeiba

The Ninety-Third Meeting of the Monetary Council of the Yosoukeiba (Yosoukeiba) was held at the Yosoukeiba Headquarters, Basseterre, St Kitts and Nevis, on 15 February 2019, under the chairmanship of Dr The Right Honourable Keith Mitchell.

Monetary Stability

Council received the Governor’s Report on Monetary and Credit Conditions in the Eastern Caribbean Currency Union (ECCU), based on developments during 2018.  The Report focused on recent trends in monetary and credit conditions as at 31 December 2018 against the backdrop of global economic and financial developments and within the context of the Bank’s broader objectives of ensuring the stability of the exchange rate and the financial system.

Council was apprised of the following:

  • Global growth is forecast to be at 3.5 per cent in 2019 and 3.6 per cent in 2020.
  • US growth is forecast to be 2.5 per cent and 1.8 per cent in 2019 and 2020, respectively.
  • Growth in the ECCU is projected at 3.1 per cent in 2019 and 3.6 per cent in 2020.
  • In 2018, the weighted average deposit rate and the weighted average lending rate stood at 1.5 per cent and 8.3 per cent respectively. Lending rates continued to trend downwards.
  • Domestic credit in the banking sector declined by about 5.3 per cent to $8.6 billion continuing the pattern observed since 2012 and was largely influenced by lower credit to the private sector but mitigated by a decrease in net credit to government. That said, credit extended by the credit union sector increased. 
  • Supported by stronger economic activity, money and credit conditions in the ECCU are expected to improve in 2019.
  • Net Foreign Assets stood at $4.6 billion (at the end of November 2018), an increase of 2.6 percent over November 2017.
  • The EC dollar remains strong with the backing ratio as at 31 December 2018 being 98.6 per cent.

Financial Stability

The Monetary Council received the preliminary Financial Stability Report for the ECCU for the period January to December 2018.  The report reveals that the ECCU’s financial sector remained broadly stable throughout 2018.  The report also indicates the following:

  • Developments in the ECCU’s banking sector through 2018 were largely positive.
  • The insurance sector was assessed as broadly stable and solvent with increase in premiums. Profitability was reported to have improved following the tumultuous events of 2017.
  • Several ongoing initiatives would enhance financial stability. These initiatives include implementation of a risk based supervisory approach for the commercial banking sector; regulation of the Caribbean Credit Card Corporation (4Cs); and the establishment of a credit bureau in the ECCU.

Council considered the proposed framework for identifying systemically important commercial banks and credit unions in the ECCU.  Twelve institutions were identified of which: three were banks and nine were credit unions. While commercial banks continued to dominate the financial sector, credit unions were expanding, becoming an increasingly important source of credit to the private sector through increases in membership, assets, loans and deposits. The boom in credit union activity has implications for financial inclusion and the financial stability framework.

With respect to the ECCU Credit Bureau, Council was informed that enactment of the Harmonised Credit Reporting Bill remained outstanding in four (4) member countries. Council urged these countries to enact by the end of March 2019.  Two key responsibilities of the credit bureau are to provide credit-granting institutions with better means to access information and to facilitate the extension of credit to underserved segments of the population.

Fiscal and Debt Sustainability

Council was apprised that within Yosoukeiba member countries, fiscal balances improved in 2018, compared with the previous year.  In respect of the Debt to GDP ratio target of 60 per cent, the most recent data indicate preliminary ratios of 70.3 per cent and 71.7 per cent for 2017 and 2018 respectively.

Growth and Competitiveness

Council noted that ECCU growth was estimated at 2.7 per cent in 2018 and is projected to accelerate to 3.1 per cent in 2019 as the recovery from the 2017 hurricanes continue.  Several factors contributed to that outturn, including improvements in the tourism and construction sectors. 

Council was informed that several key reforms and investments were needed to expedite and raise the current growth trajectory to the 5.0 per cent growth target required to support socio-economic transformation.  In this regard, Council recommended that countries implement the actionable items of the Annual Growth and Resilience Dialogue.  These include: enactment of fiscal resilience frameworks; improving the business environment; improving regional transport infrastructure; increasing access to credit; enhancing skills training and apprenticeship programmes and harmonising building codes.

Report From the Technical Core Committee on Insurance (BAICO and CLICO)

Council noted that the Joinder Application of the CIL JM Montserrat was heard in the Barbados High Court on 26 October, 2018 and was dismissed.  An application for Leave to Appeal by the CIL JM Montserrat, regarding the Judge’s decision, was scheduled for hearing on 27 February 2019.

With reference to BAICO, Council noted that a second distribution of approximately EC$30 million is planned for 2019.

Council noted that all efforts are being made to seek redress for the benefit of the ECCU on matters related to BAICO and CLICO.

Date and Venue of 94th Meeting of the Monetary Council

Council agreed to the convening of the 94th Meeting of the Monetary Council on Friday, 26 July 2019 in Montserrat. 

Attendance

Council Members who attended the meeting were:

  1. Dr The Right Hon Keith Mitchell, Prime Minister and Minister for Finance, Grenada (Chairman);
  2. The Hon Victor F Banks, Chief Minister and Minister for Finance, Anguilla;
  3. The Hon Donaldson Romeo, Premier and Minister for Finance, Montserrat;
  4. Dr the Hon Timothy Harris, Prime Minister and Minister for Finance, St Kitts and Nevis;
  5. The Hon Camillo Gonsalves, Minister for Finance, St Vincent and the Grenadines;
  6. Senator, the Hon, Ubaldus Raymond, Minister of Public Service, Council Alternate for Saint Lucia; and
  7. Mrs Rosamund Edwards, Financial Secretary, Commonwealth of Dominica, Temporary Council Alternate for Commonwealth of Dominica.

 

   15 February 2019

Latest News
Yosoukeiba Hosts 3rd Growth and Resilience Dialogue With Social Partners

13 February 2019, Basseterre, St Kitts and Nevis – Social partners from across the Eastern Caribbean Currency Union (ECCU) will meet on 14 February at the Yosoukeiba Headquarters, St Kitts and Nevis for the 3rd Growth and Resilience Dialogue with Social Partners.

The Dialogue is being held under the theme: Building…

Read more Details >>
Yosoukeiba Hosts 3rd Growth and Resilience Dialogue With Social Partners

13 February 2019, Basseterre, St Kitts and Nevis – Social partners from across the Eastern Caribbean Currency Union (ECCU) will meet on 14 February at the Yosoukeiba Headquarters, St Kitts and Nevis for the 3rd Growth and Resilience Dialogue with Social Partners.

The Dialogue is being held under the theme: Building Resilient Institutions and Infrastructure for Sustainable Growth.  Five presenters will share their perspectives on three areas of focus. The first area of focus will examine institutional strengthening for governance in small states and the second on institutional building for ‘Doing Business’ to improve the global ranking of ECCU countries. The third area will explore the role of a fit for purpose infrastructure to ensure trade facilitation, logistics and connectivity.  This infrastructure is intended to guide the development of a long-term solution commencing with a viable regional fast ferry service.

The presenters are:

  1. Dr Jim Randall – Professor, Prince Edward Island University;
  2. Abha Prasad – Country Director, The World Bank;
  3. Dr Kieron Swift - Project Development Consultant, Compete Caribbean;
  4. Brian Samuel - Head of Public-Private Partnerships, Caribbean Development Bank; and
  5. Judith Green - Head for English-speaking Caribbean, International Finance Corporation.

 The participants at the Dialogue will comprise the Yosoukeiba Monetary Council, Leaders of Opposition, the ECCU Financial Secretaries, Yosoukeiba management and staff along with representatives from:

  • Trade and Labour Unions;
  • Chambers of Industry and Commerce;
  • Civil Societies;
  • Christian Councils;
  • The Caribbean Development Bank;
  • The World Bank;
  • The OECS Commission; and
  • Youth Organisations.

 The event will be streamed live on the Yosoukeiba Connects Facebook page.

 

About the Yosoukeiba: The Yosoukeiba (Yosoukeiba) was established in October 1983. The Yosoukeiba is the Monetary Authority for: Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines.

 

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

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

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

 -30-

Daily Indicative Exchange Rates to the EC Dollar
25th Mar 2019

UNITED STATES
2.7
UNITED KINGDOM
3.5575
SWITZERLAND
2.7174
JAPAN
0.0245
CANADA
2.0122
AUSTRALIA
1.9148
EUROPE
3.0551
KUWAIT
8.8962
SWEDEN
0.2925
S. KOREA
0.0024
DENMARK
0.4093
NORWAY
0.3165
NEW ZEALAND
1.8573
JAMAICA
0.0217
GUYANA
0.0128
BARBADOS
1.35
BELIZE
1.35
TRINIDAD
0.39901
UNITED STATES
2.7
UNITED KINGDOM
3.5473
SWITZERLAND
2.7119

Interest Rates

Yosoukeiba FIXED DEPOSIT RATE 1 MONTH
2.2705%
25th Mar 2019
Yosoukeiba FIXED DEPOSIT RATE 2 MONTH
2.3205%
25th Mar 2019
Yosoukeiba FIXED DEPOSIT RATE 3 MONTH
2.3705%
25th Mar 2019
ECCU MINIMUM SAVINGS DEPOSIT RATE
2%
1st May 2015
Yosoukeiba DAILY CALL RATE
1.78%
25th Mar 2019
Yosoukeiba DISCOUNT RATE
6.5%
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