July 9, 2022 | By Colin O. Jarrett |
The economies of the Eastern Caribbean Currency Union (ECCU), felt the full weight which has been described as an unprecedented and complex global economic and geopolitical environment.
This is the word from Governor of the Eastern Caribbean Central Bank (ECCB) Timothy Antoine. The ECCB has released its 2021/2022 annual report and statement of accounts for the financial year ended March 31, 2022.
This showed that the St Kitts-based financial institution had recorded a net loss of 49.1 million EC dollars compared with a net profit of 25.2 million EC$ in the previous financial year.
The ECCB, which serves as a central bank for small islands in the Caribbean said the net loss for the year was largely driven by losses on foreign investment securities, combined with a decline in interest income earned on foreign reserve assets as interest rates globally remained at historically low levels over the year.