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ECCU financial sector remains stable; improved performance expected to continue in 2017
Published on July 27, 2017 Email To Friend    Print Version

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BASSETERRE, St Kitts -- The Monetary Council of the Eastern Caribbean Central Bank (ECCB) reported during its 88th meeting, held in Dominica on Friday, July 21, that the financial system of the Eastern Caribbean Currency Union (ECCU) remained stable for the year 2016, with improved performance of the sector expected to continue in 2017.

The Governor’s Report on Monetary and Credit Conditions in the Eastern Caribbean Currency Union (ECCU) noted that while growth in the financial sector is expected to continue, “vigilance must be maintained to ensure that gains are sustainable.”

The governor’s report stated that “resilience of the financial system to potential adverse shocks strengthened and major risks to financial stability in the ECCU diminished. However, the banking sector continued to be challenged by structural vulnerabilities, including correspondent banking relationships.”

The official communiqué, issued at the end of the meeting, said that in keeping with its goal of maintaining financial stability, the ECCB would commence publication of a Financial Stability Report annually.

“The report is aimed at identifying risks and vulnerabilities in the ECCU financial system; assess the resilience of the financial system to domestic and external shocks; and provide information on the soundness of the financial system, and the various initiatives that regulators and governments are pursuing to mitigate risks to the ECCU financial system,” the communiqué added.
 
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