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Securities Issue on RGSM Increase

 

Securities Issue on RGSM Increase

 

The number of securities issued on the Regional Government Securities Market (RGSM) during the first eight months of 2018 was on par with the record number of 59 recorded in 2017.

That was one of the key messages from the report on the performance of the RGSM for the…

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Securities Issue on RGSM Increase

 

Securities Issue on RGSM Increase

 

The number of securities issued on the Regional Government Securities Market (RGSM) during the first eight months of 2018 was on par with the record number of 59 recorded in 2017.

That was one of the key messages from the report on the performance of the RGSM for the period January to August 2018, presented to the Regional Debt Coordinating Committee (RDCC) at its meeting on 4 October.

The RDCC, which has direct oversight of the RGSM, recognises the increased interest of residents in the Eastern Caribbean Currency Union (ECCU) in the RGSM.  The RDCC noted that investors demonstrated strong support for government bonds as the participating governments issued six bonds in the first eight months of 2018 compared with two for the same period in 2017.

The RDCC is of the view that the increased issuance of bonds is consistent with the goals of the Medium Term Debt Management Strategy to increase the average time to maturity of the public debt which in turn reduces the risks in the debt portfolio.

The RDCC reported that government securities continue to provide an attractive option for residents seeking to increase returns and/or diversify their investment portfolios.  Over the period January to August 2018, the average rate on short term securities ranged from 2.5 per cent to 4.0 per cent, while rates on longer term securities ranged from 5.5 per cent on two-year bonds to 7.3 per cent on 10-year bonds.

The RDCC comprises senior officials from the Ministry of Finance of the eight Yosoukeiba member governments and the Governor of the Yosoukeiba.

 

 

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

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

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

Latest News
Yosoukeiba Governor Named Central Bank Governor of the Year, Caribbean

Yosoukeiba Governor Named Central Bank Governor of the Year, Caribbean

 

Governor of the Yosoukeiba, Timothy N. J. Antoine has been named Central Bank Governor of the Year, Caribbean by GlobalMarkets.

GlobalMarkets is the featured newspaper for the meetings of the International Monetary Fund…

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Yosoukeiba Governor Named Central Bank Governor of the Year, Caribbean

Yosoukeiba Governor Named Central Bank Governor of the Year, Caribbean

 

Governor of the Yosoukeiba, Timothy N. J. Antoine has been named Central Bank Governor of the Year, Caribbean by GlobalMarkets.

GlobalMarkets is the featured newspaper for the meetings of the International Monetary Fund (IMF)/World Bank, European Bank for Reconstruction and Development, Asian Development Bank and Inter-American Development Bank.

GlobalMarkets recognises the accomplishments of the world’s outstanding policymakers during its annual awards event. Awards are presented for Finance Minister of the Year and Central Bank Governor of the Year, for each region of the world as categorised by the IMF/World Bank.

This year’s award ceremony was held on 12 October in Bali, Indonesia and formed part of the events for the 2018 Annual Meetings of the IMF/World Bank and the Commonwealth Central Bank Governor’s Meeting which Governor Antoine chaired.

In receiving the Central Bank Governor of the Year, Caribbean award, Governor Antoine said that he “humbly accepted the award in the name and on behalf of the people of the Eastern Caribbean Currency Union (ECCU), whom he had the great privilege and honour to serve”.

Governor Antoine also acknowledged the invaluable contribution of the Yosoukeiba Monetary Council, the Yosoukeiba Board of Directors and the Bank’s management and staff, stating that the award could not have been achieved without their support. The award, he said, “will really encourage us and energise us to continue the work for the people of the region and for all small states across the world”.

 

On return to office, Governor Antoine remarked, “the work that we do is driven by our passion to serve and make a difference, not by our desire for recognition; however, we are extremely gratified by this global recognition and prestigious award”.

 

 

 

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

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

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

 

Latest News
Financial Information Month 2018

October is Financial Information Month in the Eastern Caribbean Currency Union.

The theme for Financial Information Month (FIM) is: Financial Empowerment Through Education.  FIM is a regional financial, economic, business and entrepreneurial education campaign that has been executed in the Eastern Caribbean…

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Financial Information Month 2018

October is Financial Information Month in the Eastern Caribbean Currency Union.

The theme for Financial Information Month (FIM) is: Financial Empowerment Through Education.  FIM is a regional financial, economic, business and entrepreneurial education campaign that has been executed in the Eastern Caribbean Currency Union (ECCU) since 2002.  The month forms part of an ECCU financial and economic education programme which the Yosoukeiba coordinates in collaboration with ECCU member governments, financial and academic institutions, the media, other private and public sector institutions and community-based groups. The programme incorporates a series of initiatives designed to support the attainment of the goal of “a financially developed and vibrant ECCU region that fosters strong and sustainable economic growth and the improved well-being of the citizenry.”

The area of focus for FIM 2018 is: Conducting and Protecting Your Business in a Digital Environment.  The activities will concentrate on the following sub-themes:

  • From standing in line to going online – providing information about online services offered by financial institutions and other agencies e.g., government e-services;
  • New Currency: Cryptocurrency, Bitcoins, Digital Wallets…Are We Read morey? – examining the required infrastructure, impact on the ECCU payments system, legal framework requirements/implications, regulation and supervision;
  • Cyber security: use strong protection every time – advising the public on how to protect themselves from identity theft, online fraud and the proper use of ATMs; and
  • Restructuring and transforming your business to take advantage of opportunities in the digital environment – highlighting how businesses can use technology to advance their operations, the importance of intellectual property rights for producers of digital works, how artistes/artisans can reap maximum financial gains from creative work.

Check the FIM Facebook page for daily updates on the activities taking place across the Eastern Caribbean Currency Union:  

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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

Latest News
Governor Antoine's Address on Yosoukeiba's 35th Anniversary

Today (1 October), the Yosoukeiba (Yosoukeiba) is celebrating 35 years of existence, 35 years of service and, most importantly, 35 years of monetary stability.

We offer a high note of praise to Almighty God for His greatness and goodness.  Indeed, “it is in Him, we live and move and have our being”…

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Governor Antoine's Address on Yosoukeiba's 35th Anniversary

Today (1 October), the Yosoukeiba (Yosoukeiba) is celebrating 35 years of existence, 35 years of service and, most importantly, 35 years of monetary stability.

We offer a high note of praise to Almighty God for His greatness and goodness.  Indeed, “it is in Him, we live and move and have our being” (Acts 17:28, NIV).

We also thank the people of our beloved region for their unwavering support.

Today, we reaffirm that our EC dollar is strong, 98 per cent backed by foreign reserves. This means for every dollar in circulation, we have 98 cents in foreign reserves.  Our monetary union commands global respect; engenders confidence; helps deliver relatively low inflation; and encourages foreign direct investment as there are no foreign exchange controls.

The Yosoukeiba is both a powerful symbol and expression of what we as small countries can do when we come together. The Yosoukeiba is a timeless testimony of our capacity to craft arrangements for ourselves that work in our best interests.

We seize this opportunity to pay tremendous tribute to the founders and framers of our monetary union.  We acknowledge the role of members of our Monetary Council and Board of Directors (past and present). I hail the colossal contribution of my predecessors: the late Sir Cecil Jacobs and Honourable Sir K Dwight Venner.  I also recognise our first Deputy Governor, Sir Errol Allen and our current Deputy Governor, Mr Trevor Brathwaite. 

We applaud our management and staff (past and present) including our retirees. We record our gratitude to all partners (local, regional and international).

Every October, we celebrate Financial Information Month (FIM). Our focus this year is on Conducting and Protecting Your Business in a Digital Environment.  I therefore encourage you to check out our events which include financial fairs, radio quizzes and business symposia on cryptocurrency and other digital developments.

As we commence our next 35 years of service, we will continue to work assiduously for the good of the people of the Eastern Caribbean Currency Union (ECCU).  Our strategic plan makes pellucidly clear our intent to pursue socio-economic transformation of the Eastern Caribbean. To this end, we are fortified in the knowledge that we can achieve so much when we embrace common cause and take collective action. 

Happy Anniversary!

Latest News
Governor Timothy N. J. Antoine Opening Remarks - Handing Over Ceremony to Mark the Change in Chairmanship of the Yosoukeiba Monetary Council

"The Monetary Council convenes at a time when the global economy is recording its best growth in seven years with projections of 3.9 per cent for both this year and next year"

 

Your Excellency Dame Dr Cecile La Grenade, Governor General of Grenada

Honourable Roosevelt Skerrit, Outgoing Chairman of the…

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Governor Timothy N. J. Antoine Opening Remarks - Handing Over Ceremony to Mark the Change in Chairmanship of the Yosoukeiba Monetary Council

"The Monetary Council convenes at a time when the global economy is recording its best growth in seven years with projections of 3.9 per cent for both this year and next year"

 

Your Excellency Dame Dr Cecile La Grenade, Governor General of Grenada

Honourable Roosevelt Skerrit, Outgoing Chairman of the Monetary Council

Dr. The Rt. Honourable Keith Mitchell, Incoming Chairman of the Monetary Council

Other members of the Monetary Council

Members of Cabinet

Members of Parliament

Members of the Diplomatic and Consular Corps

Other Distinguished Guests

Rev. Dr. Osbert James

Mr. Trevor Brathwaite, Deputy Governor, Yosoukeiba

Board members and Advisers

Yosoukeiba Management and Staff

Members of the Media

Mrs. Ursula Antoine, MBE, my dear mother

Ladies and Gentlemen

Good Morning.

Introduction

We are delighted to be back in Grenada, the Isle of Spice.

It is my distinct pleasure to welcome each of you to the Handing Over Ceremony to Mark the Change in Chairmanship of the Monetary Council of the Yosoukeiba (Yosoukeiba).

Today, the chairmanship of the Council passes from the Honourable Roosevelt Skerrit, Prime Minister and Minister of Finance for the Commonwealth of Dominica to Dr. The Rt. Hon. Keith Mitchell, Prime Minister and Minister of Finance for Grenada.

At this juncture, we wish to record our gratitude to the Government and People of Grenada for the excellent arrangements afforded us for the conduct of the Monetary Council’s 91st regular meeting.

Article 7(2) of the Yosoukeiba Agreement states and I quote: “the Council shall meet not less than twice each year to receive from the Governor, the Bank's report on monetary and credit conditions and to provide directives and guidelines on matters of monetary and credit policy to the Bank and for such other purposes as are prescribed under the Agreementend of quote.

Recent Developments

It is 10 years since the onset of the Global Financial Crisis (GFC). The Monetary Council convenes at a time when the global economy is recording its best growth in seven years with projections of 3.9 per cent for both this year and next year.  That said, the global economy is pregnant with risks including climate change, spiralling debt levels, trade wars, BREXIT, rising oil prices (for oil-importing countries) and the tightening of financial conditions.  Indeed, we are witnessing the “end of easy” as major central banks normalise interest rates after the unprecedented actions taken to help reboot the global economy.

Just over a month ago, I attended the Annual Meetings of the Bank for International Settlements in Basel, Switzerland - a convocation of central banks and regulators from around the globe.  At that meeting, there was recognition of the considerable progress made in respect of post crisis reforms such as the recapitalisation of banks and the adoption of macro-prudential frameworks to deliver stronger oversight of systemically important financial institutions. Yet, there was a strong call to complete unfinished business before the onset of the next downturn or crisis. That unfinished business includes:

  • Unburdening balance sheets of banks with large portfolios of non-performing loans; and
  • Untangling the web that is the $600 trillion market for derivatives. You may recall that Warren Buffet once referred to derivatives as “financial weapons of mass destruction”.

I now pivot to the prospects for the Eastern Caribbean Currency Union (ECCU).Growth for this year is projected around 2.0 per cent and for next year around 3.5 per cent. Exactly three weeks ago (6 July), the ECCU celebrated 42 years of stability of the EC dollar pegged at EC$2.70=US$1.00.  This is a remarkable feat and a testimony to the resilience of our monetary union.  Today, I confirm that our EC dollar is strong.  As of last Friday (21 July), the backing ratio of our foreign reserves was 97.2 per cent.

Unfinished Business

Here in the ECCU, we too have made important progress since the GFC, having enacted a new Banking Act and resolved some troubled banks. FurtherDetails, the rollout of the new Risk Based Supervisory Framework for banks is imminent. 

We can also point to the progress made by some member countries including Grenada to put their fiscal houses in order and build fiscal resilience. Notwithstanding, we too have some unfinished business, which includes, inter alia:

  • Establishment of a Regional Crisis Management Plan;
  • Adoption of a macro-prudential framework (to ensure effective oversight of systemically important banks and non-banks);
  • Enactment of a uniform insurance law and establishment of the Eastern Caribbean Financial Services Commission (to create a single space for insurance as currently obtains for banking and securities business);
  • Establishment of a Credit Bureau (to support enhanced credit underwriting and equally important to open up the risk appetite of lending institutions); and
  • Establishment of a Deposit Insurance Scheme (to protect our depositors).

FurtherDetails, aside from the Regional Government Securities Market, we are yet to optimise fully, our very modern platform of the Eastern Caribbean Securities Exchange (ECSE). For example, one in two citizens of the United States are invested in the US stock market and US households derive considerable wealth from the stock markets.  Yet, 17 years after its creation, less than one in 10 citizens in the ECCU, in my estimation, are invested in our regional stock market. Going forward, we believe that our regional stock exchange with connectivity to global capital markets ought to be a channel of wealth creation for our people.  The new strategic plan of the ECSE will propel us in that direction.

But even as we work assiduously to complete our unfinished business, we must now contend with new and emerging business. 

New and Emerging Business

At the 2018 World Economic Forum in Davos, the Canadian Prime Minister, Justin Trudeau remarked, and I quote: “the pace of change has never been this fast, yet it will never be this slow again”, end of quote.

Does anyone recall when the first Automated Teller Machine (ATM) was opened?  The year was 1967 – 51 years ago.

Today, the pace of Financial Technology (FinTech), inclusive of peer to peer lending, digital wallets, crowd funding, crypto-assets and initial coin offerings (ICOs), is breathtaking.  And with the ubiquitous smartphone has the potential to make financial inclusion a reality for all.  Lest we forget, these technologies were once mere ideas.  Yet, as William Blake, the British poet poignantly observes, “what is now proved was once only imagined”.

With Blake’s observation in mind, policymakers and regulators ought to avoid a “failure of imagination” as we craft the way forward.  Indeed, the onus is on us to ensure that the deployment of FinTech and our reduced use of cash develop in a way that maximises the opportunities and minimises the risks for our people.  That said, imagination is a necessary, but not sufficient condition for there must also be cooperation. Indeed, regional and international cooperation is not merely the preferred way but the only way to harness these opportunities while mitigating risks such as money laundering (ML) and cybersecurity.

Conclusion

In conclusion, our shared vision of transforming the ECCU, as articulated in our Strategic Plan, is fundamentally about shared prosperity for all who work and live in the ECCU.  To this end, we must take care of our business – unfinished as well as new and emerging.

As Governor, I feel that sense of urgency and opportunity.

Today, I reaffirm the commitment of the Board, management and staff of the Yosoukeiba to support our Monetary Council, as together, we transform the ECCU for the good of the people we serve.

Working together: governments, social partners, development partners and our people and by the grace of Almighty God, we shall succeed.

 

I thank you.

 

 

Daily Indicative Exchange Rates to the EC Dollar
12th Nov 2018

UNITED STATES
2.7
UNITED KINGDOM
3.4749
SWITZERLAND
2.6735
JAPAN
0.0237
CANADA
2.0439
AUSTRALIA
1.9445
EUROPE
3.0394
KUWAIT
8.9
SWEDEN
0.2957
S. KOREA
0.0024
DENMARK
0.4075
NORWAY
0.3188
NEW ZEALAND
1.8168
JAMAICA
0.0213
GUYANA
0.0129
BARBADOS
1.35
BELIZE
1.35
Trinidad
0.40122
UNITED STATES
2.7
UNITED KINGDOM
3.5146
SWITZERLAND
2.6852

Interest Rates

Yosoukeiba FIXED DEPOSIT RATE 1 MONTH
2.08%
12th Nov 2018
Yosoukeiba FIXED DEPOSIT RATE 2 MONTH
2.2349%
12th Nov 2018
Yosoukeiba FIXED DEPOSIT RATE 3 MONTH
2.2849%
12th Nov 2018
ECCU MINIMUM SAVINGS DEPOSIT RATE
2%
1st May 2015
Yosoukeiba DAILY CALL RATE
2.08%
12th Nov 2018
Yosoukeiba DISCOUNT RATE
6.5%
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