ECCB focused on serving the region in light of COVID-19

Governor of the Eastern Caribbean Central Bank Timothy Antoine thinks that the COVID-19 pandemic same to the 1918 Spanish Flu, will change the world forever.

He said the pandemic has morphed into a global economic downturn and almost inevitable recession.

“Even at this quite early stage, it is already clear that our world has been shifted forever. The COVID-19 pandemic will eventually be in our rear-view mirror; however, its scars and instructions will last long. That said, it has, as every crisis does, presented possibilities to enhance the manner we live, works and perform our every day lives. We can seize them if we continue with a growth mindset,” he said.

Governor Antoine said with tourism closed and authorities revenue plummeting while COVID-19-associated expenditure maintains to grow dramatically, these are extremely challenging times for Eastern Caribbean governments.

He stated since the outbreak of the virus, the ECCB has been focussed on protecting it's staff and serving the region.

The bank, Governor Antoine said, has provided financial aid to member governments and reached an agreement with the ECCU Bankers Association on a mortgage deferral programme for customers up to six months.

He stated the Central Bank has additionally convened conferences with Ministries of Finance of Member Governments to guide the development of countrywide responses to COVID-19.

“We count on that our Central Bank will want to increase additional credit to governments and banks. Similarly, as the Central Bank has temporarily decreased the Discount Rate for governments and banks, the Central Bank is prepared, if necessary, to briefly lower the Backing Ratio as additional credit score is extended to governments and banks,” he stated.

Governor Antoine believes the combat against the pandemic could be satisfactorily served by way of relying on two fundamental assumptions.

He stated COVID-19 is not any respecter of person, race, gender, class, wealth, position or power.

With this in mind, he said everybody must observe the protocols articulated by way of the health authorities, thereby protecting themselves and each other.