Kingstown, St Vincent — St Vincent and the Grenadines prime minister, Dr Ralph Gonsalves, said that the Eastern Caribbean Currency Union (ECCU) is projected to achieve growth of 2.4% this year.
The prime minister made the disclosure as he presented an address on radio and television last Tuesday, in his capacity as chairman of the Monetary Council of the Eastern Caribbean Central Bank (ECCB).
Gonsalves noted that the economies of the ECCU are showing gradual improvement, but more work is needed. He said that it is in this context that the Monetary Council of the ECCB took certain critical decisions at its meeting in February to strengthen the financial system in the ECCU.
He further noted that one of the decisions taken was to lower the minimum deposit rate from 3% to 4%.