ECCB Monetary Council Receives Report on Monetary and Credit Conditions in the ECCU

Sir K Dwight Venner

ZIZ News…Feb 5, 2012 – Governor of the Eastern Caribbean Central Bank (ECCB), the Honourable Sir K Dwight Venner will present the report on Monetary and Credit Conditions in the Eastern Caribbean Currency Union (ECCU) when the 72nd Meeting of the ECCB Monetary Council convenes at the ECCB Headquarters in St Kitts and Nevis on 10 February.

The Governor’s report will include a discussion on the minimum savings deposit rate, which is the lowest interest rate banks can offer on regular savings, and the Central Bank’s discount rate, which is the rate at which the ECCB lends to commercial banks and ECCB member governments. The report will also examine price developments in the ECCU; financial sector stability issues; and the ECCU agenda for stabilisation and growth in the context of the OECS Economic Union.

During the meeting the Council Members will receive and discuss other reports including an update on the Resolution Trust Corporation (RTC), which was established to restructure and provide financial support to financial institutions which operate within the ECCU.

Following the meeting, Council Chairman, the Honourable Reuben T Meade, Council Member for Montserrat, will present the Communiqué, and along with the other Members of the Council, field questions from media representatives in St Kitts and Nevis.

The Monetary Council is the highest decision making authority of the ECCB. It comprises the eight Ministers for Finance from the ECCB member countries.