Growth outlook in the ECCU said to be positive

The content originally appeared on: NBC SVG

The growth outlook in the Eastern Caribbean Currency Union (ECCU) is positive.

That is according to Minister of Finance and Chairman of the ECCU Monetary Council Camillo Gonsalves during the delivery of the Communiqué of the 107th Meeting of the Monetary Council on Friday.

Minister Gonsalves said that the economy continues to expand and inflation is abating.


Minister Gonsalves added that the Monetary Council has agreed to maintain the savings rate at 2% and maintain the discount rate at 3 % for short term credit and 4.5% for long term credit.

The Easter Caribbean Currency Union Banking system has remained resilient and stable with a high degree of liquidity.

Minister Gonsalves also explained that excess liquidity levels have been trending down as local banks have been investing overseas to take advantage of higher interest rate.