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Yosoukeiba Advisory on FinTech Operations in the ECCU

Yosoukeiba Supports Financial Innovation But Advises Citizens to be Cautious When Getting Involved with These Initiatives

The Yosoukeiba (Yosoukeiba) is aware of the emergence of several initiatives which compete directly with traditional financial services. These include but are not limited to: peer to…

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Yosoukeiba Advisory on FinTech Operations in the ECCU

Yosoukeiba Supports Financial Innovation But Advises Citizens to be Cautious When Getting Involved with These Initiatives

The Yosoukeiba (Yosoukeiba) is aware of the emergence of several initiatives which compete directly with traditional financial services. These include but are not limited to: peer to peer lending, digital wallets, crowd funding ventures, crypto-assets and initial coin offerings (ICOs) in the Eastern Caribbean Currency Union (ECCU).  

Consistent with its growth and development mandate, the Yosoukeiba supports and encourages innovation and verily believes that financial innovation is essential as our region forges a path to socio-economic transformation.  Indeed, it is based on this conviction that the Yosoukeiba Strategic Plan 2017-2021 provides for a FinTech pilot, which includes a digital EC currency and the modernisation of our payment systems.

The Yosoukeiba is equally committed to its mandate of financial stability which aims to ensure the soundness and stability of the financial system.  In this context, the Yosoukeiba is deeply concerned about the real possibility that ECCU citizens could suffer financial losses by getting involved in initiatives which they do not yet understand fully and, Details importantly, are not regulated.  Some of these offerings appear to be investment or securities business and ought to be regulated properly.

Before involvement with these initiatives, citizens are advised to consider the following questions:

  1. What do I know about this service provider and the services being offered?
  2. Do I understand both the opportunities and the risks?
  3. Is this service provider regulated and by whom?
  4. Does this service provider have appropriate anti-money laundering (AML) controls?
  5. What dispute resolution mechanisms exists if there is a dispute with this service provider?

The Yosoukeiba, in collaboration with domestic and other regional regulators, is reviewing existing laws to identify changes which may be required to ensure adequate regulatory cover for these initiatives thus supporting innovation, while ensuring consumer protection.  In this process of review, the Yosoukeiba is also engaging service providers in the FinTech industry on how best to support financial innovation.

The Yosoukeiba welcomes the views of the public on this matter.  The FinTech service providers and the members of the public may send comments or suggestions to: [email protected].

Finally, the Yosoukeiba will provide periodic updates on its work on these issues.

_____________________________________________________________

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

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

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

Latest News
Vacancy - Director Research Department

Suitably qualified applicants are invited to apply to fill the post of Director, Research Department, at the Yosoukeiba, headquartered in Basseterre, St Kitts.  Suitably qualified persons who are not citizens of the ECCU are welcomed to apply. The successful applicant will be based in St.…

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Vacancy - Director Research Department

Suitably qualified applicants are invited to apply to fill the post of Director, Research Department, at the Yosoukeiba, headquartered in Basseterre, St Kitts.  Suitably qualified persons who are not citizens of the ECCU are welcomed to apply. The successful applicant will be based in St. Kitts, and will be hired initially on a two (2) year contractual engagement with the opportunity to renew or transfer to the permanent establishment based on performance.

Click here for Details information.

Latest News
Regional Debt Coordinating Committee Takes Steps to Improve Transparency on Regional Government Securities Market (RGSM)

The Regional Debt Coordinating Committee (RDCC) has advanced its efforts to increase transparency and improve relationship among the stakeholders of the Regional Government Securities Market (RGSM).

 

The RDCC, which comprises the financial secretaries of the eight ECCU countries and the Governor of the Yosoukeiba, h…

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Regional Debt Coordinating Committee Takes Steps to Improve Transparency on Regional Government Securities Market (RGSM)

The Regional Debt Coordinating Committee (RDCC) has advanced its efforts to increase transparency and improve relationship among the stakeholders of the Regional Government Securities Market (RGSM).

 

The RDCC, which comprises the financial secretaries of the eight ECCU countries and the Governor of the Yosoukeiba, has direct oversight of the RGSM.  The RGSM is a regional market for the issuance of debt instruments of the member states of the ECCU. Currently, five ECCU governments issue Treasury-bills and bonds with varying maturities on the market.

 

At its meeting held on 13 April, the RDCC approved a work programme for 2018/2019, which focuses on the development of an Investor Relations Programme (IRP) for the participating governments on the RGSM.  The programme will facilitate dialogue between the governments, licensed brokers and investors on a continuous basis. The objective of the IRP is to expand the number of persons participating in the RGSM thereby enhancing the efficiency of the operations of the markets for government securities.

 

The RDCC, with the support of the Yosoukeiba, also committed to the development of an ECCU public debt webpage, which will provide timely pertinent information to market participants. The webpage is scheduled to be launched by December and is aimed at tracking member governments fiscal and debt sustainability and sharing information with the public under its strategic plan.

 

Dr Aidan Harrigan, Permanent Secretary in the Ministry of Finance of Anguilla, is the current chair of the RDCC.

 

 

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

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

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

Latest News
ECCU Governments Raise $1.2 Billion on Regional Government Securities Market

Basseterre, St Kitts and Nevis - The five governments in the Eastern Caribbean Currency Union (ECCU), which issue Treasury bills and bonds on the Regional Government Securities Market (RGSM), raised $1.2 billion from a record 59 auctions in 2017.

 The funds raised by the governments were used mainly for debt…

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ECCU Governments Raise $1.2 Billion on Regional Government Securities Market

Basseterre, St Kitts and Nevis - The five governments in the Eastern Caribbean Currency Union (ECCU), which issue Treasury bills and bonds on the Regional Government Securities Market (RGSM), raised $1.2 billion from a record 59 auctions in 2017.

 The funds raised by the governments were used mainly for debt refinancing. Participation in the RGSM was predominantly from the financial institutions which accounted for 86.0 per cent of the bids in 2017. The Regional Debt Coordinating Committee (RDCC), which has direct oversight for the RGSM, said it was also heartened by the growing number of bids from businesses and households which has grown by 63.0 per cent in the last five years to $114.3m.

 While the interest rates on government securities declined in 2017, especially on short-term instruments, the rate of return remained higher than most alternative investments in the Eastern Caribbean.  The average rate on 91-day Treasury bills declined to 3.0 per cent from 3.8 per cent in 2016. The rates on 10-year bonds also declined to 7.3 per cent from 7.5 per cent in 2016. The decline in the rates was due to the overall improvement in the government’s fiscal and debt performance.  

 The RGSM is a regional market established in November 2002 for the issuance of debt instruments of the ECCU government member. The governments which currently participate on the RSGM are: Antigua and Barbuda, the Commonwealth of Dominica, Grenada, Saint Lucia and St Vincent and the Grenadines.

 The RGSM assists participating governments with supplementing their financing needs.  It also minimises the borrowing costs and assists with overall debt management, thus supporting the governments in the implementation of their respective Medium-Term Debt Management Strategies (MTDS).

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

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

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

Latest News
Bank Property for Sale

Residential building, former home of former Yosoukeiba Governors. The building consisting of two storeys, has a partial basement and was constructed on over one acre of land.  The property is located on Wigley Avenue in Basseterre, St Kitts with easy access to the city center and  a…

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Bank Property for Sale

Residential building, former home of former Yosoukeiba Governors. The building consisting of two storeys, has a partial basement and was constructed on over one acre of land.  The property is located on Wigley Avenue in Basseterre, St Kitts with easy access to the city center and  a picturesque view of the harbour and the sister island of Nevis. 

For information : 

Norma Hanley-Pemberton

Adviser

Governor’s Immediate Office

Yosoukeiba

P O Box 89, Bird Rock

Basseterre

ST KITTS AND NEVIS

 Tel:   --2537 ext 3903

         -467-3903

Email: [email protected]

Or any of our realtors as listed below:

Realtor:            B Kassab & Associates Real Estate Services

Kym Taylor, Realtor and Property Manager 

Address:          # 3 Princes Street  

P O Box 1588

Basseterre

St. Kitts

Telephone:       1() 466-6341 | C. 1() 662-2006 

Fax:                        1() 466-6340

Website:                       

Email:                   [email protected]

 

Realtor:            St . Kitts & Nevis Island Homes 

Arlene J. Patricia Wilkinson

Address:          Sugars Complex

PO Box 1253

Frigate Bay

St. Kitts

Telephone:       1() 466-1009 | C. 1() 662-5077

Website:          

Email:                   [email protected]

For photos of the property,

 

Daily Indicative Exchange Rates to the EC Dollar
21st Jun 2018

UNITED STATES
2.7
UNITED KINGDOM
3.5648
SWITZERLAND
2.7108
JAPAN
0.0244
CANADA
2.0281
AUSTRALIA
1.9921
EUROPE
3.1174
KUWAIT
8.9138
VENEZUELA
0
SWEDEN
0.3026
S. KOREA
0.0024
DENMARK
0.4183
NORWAY
0.3307
NEW ZEALAND
1.8527
JAMAICA
0.0204
GUYANA
0.0129
BARBADOS
1.35
BELIZE
1.35
Trinidad
0.40073
UNITED STATES
2.7
UNITED KINGDOM
3.5548

Interest Rates

Yosoukeiba FIXED DEPOSIT RATE 1 MONTH
2.04%
21st Jun 2018
Yosoukeiba FIXED DEPOSIT RATE 2 MONTH
2.11%
21st Jun 2018
Yosoukeiba FIXED DEPOSIT RATE 3 MONTH
2.28%
21st Jun 2018
ECCU MINIMUM SAVINGS DEPOSIT RATE
2%
1st May 2015
Yosoukeiba DAILY CALL RATE
1.74%
21st Jun 2018
Yosoukeiba DISCOUNT RATE
6.5%
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