Business
St. Lucia Prime Minister Kenny Anthony becomes Chairman of ECCB Monetary Council
“We are aware of the extremely high levels of non-performing loans in the currency union, the numbers no doubt exacerbated by the difficult economic circumstances of member states, it has been a difficult period for banks as well as their customers,” Anthony said.
The St. Lucia prime minister said the monetary council had approved a three prong approach to growth and development consisting of focus stimulus and safety net programmes geared towards providing employment for communities, the identification of a lead transformational sector with the capacity to put the economy on a path to sustained growth and development and a cluster of major infrastructural and related projects at the national and regional levels.
In his address, the Central bank Governor, Sir Dwight Venner said that the financial institution was facing a period of unprecedented challenges including negative growth for four consecutive years.
However he said he was optimistic that measures, including the eight point stabilization and growth programme, coupled with pro-active action to deal with vulnerability within the bank system, would ensure the viability of the bank. -(CMC)
