Banks in St. Kitts continue to contribute to the economy

PM Douglas

Basseterre, St. Kitts, April 10, 2013 (SKNIS): Despite the uncertainty of the global financial markets, the commercial banks of St. Kitts and Nevis remain well capitalized and poised, to make a significant contribution to the future development of the Federation.

According to the report from the International Monetary Fund (IMF), since the start of the fiscal adjustment programme, the domestic banking sector has remained healthy, adequately capitalized, resilient to a range of shocks and capable of withstanding the impact of the public sector debt restructuring.

“Liquidity levels have been growing and coverage of total deposits remains well above 40 percent and the regulatory requirement,” said the Honourable Prime Minister and Minister of Finance, Dr. Denzil Douglas. “This is partially explained by the slow pace of recovery of private investment in particular and the reduction of credit to the public sector.”

Prime Minister Douglas made special mention of the St. Kitts and Nevis Development Bank, stating that it continues to partner with the Government of St. Kitts and Nevis, by showing its commitment to advancing the development of this Federation, through the provision of financing for the benefit of the people of this country. The Development Bank continues to execute its mission to promote economic growth and development by providing financial and advisory services to viable ventures and programmes.

“In 2012, the Bank approved 952 loans with a total value of $70.2 million,” said the Minister of Finance. “Of this amount, $13.6 million was allocated to higher learning, $23.1 million to business lending and $3.3 million to mortgage financing.”

The Prime Minister expressed gratitude to the Development Bank, for its continued efforts to support the people of St. Kitts and Nevis.

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