Castries, Saint Lucia – Prime Minister Hon. Philip J. Pierre led a Saint Lucia delegation to the 107th Meeting of the Eastern Caribbean Central Bank (ECCB) Monetary Council on February 16, 2024. The Meeting took place at the ECCB Campus in St. Christopher (St. Kitts) and Nevis under the Chairmanship of Hon. Camillo Gonsalves, Min. of Finance of St. Vincent and The Grenadines.
At the Meeting, Prime Minister Pierre and other ECCB Council Members received the Governor’s Report on the monetary, credit and financial conditions in the Eastern Caribbean Currency Union (ECCU) from ECCB Governor, Timothy N. J. Antoine. The Governor’s Report entitled, The Big Push: Implementation for Impact in an Era of Elevated Uncertainty, included an analysis of the monetaryconditions, financial stability and macroeconomic developments in the ECCU.
The Governor’s Report indicated that the ECCU is on course for positive GDP growth in 2024 following an improved fiscal performance in 2023. Monetary, credit and financial conditions in the ECCU remain stable. The Governor’s Report confirms the ECCU banking system remains resilient and stable.
Furthermore, on the recommendation of the Governor, the Monetary Council agreed to:
- Maintain the Minimum Saving Rate at 2%; and
- Maintain the Discount Rate at 3% for short term credit and 4.5% for long term credit
The Council subsequently agreed to convene the 108th Meeting of the ECCB Monetary Council on July 26, 2024 in Anguilla.
