The 88th Meeting of the Monetary Council of the ECCU was held in Dominica under the chairmanship of Hon. Roosevelt Skerrit. Some main points from the meeting are as follows:
1. Growth in the ECCU stood at 2.6% for 2016, the Exchange rate and reserves remained stable and credit conditions tightened as credit issuance fell slightly.
2. The ECCB will commence publication of the Financial Stability Report annually.
3. Concerning Fees:
i. ECCB will publish selected fees and charges for commercial banks by territory on ECCB’s website by 1/2018.
ii. The ECCB will issue prudential standards on bank fees and charges by 12/2018.
4. Endorsement of collaboration between OECS and ECCU on the Growth Action Plan (Action Plan to promote growth, competitiveness and employment in the ECCU).
5. The Monetary Council approved the amendments to the Banking Act 2015 and encouraged passage by member states by 12/2017.
6. Following the 7/2016 Council recommendation to transfer supervision and regulation of AML/CFT legislation from member governments to the ECCB, the monetary council at the 88th meeting proposed areas of amendment to AML/CFT laws.
7. The 89th Meeting of the Monetary Council will convene 20/8/2017.