Eastern Caribbean Central Bank Eastern Caribbean Central Bank Prese senta ntatio tion at Natio ional al Emer ergenc ency Oper erations tions Centr ntre e COVID ID-19 19 Daily ly Brief iefin ing 2 M May 2020 By: Timothy N. J. Antoine – Governor, ECCB 5/2/2020
Eastern Caribbean Central Bank COVID-19: Impact on the ECCU • Econo nomi mic Activi vity ty: Sharp contr trac acti tion on throug ughou out t the ECCU CU. Likely ely to range betw twee een n 10 -20% 0% in 2020 20 • Tourism sm: Lead ad secto ctor has gr grou ound nd to a halt • Unemp employm ymen ent: Rising sing sharply y and may y now be as high gh as 50% in some me count ntries es Transforming The ECCU Together 5/2/2020 2
Eastern Caribbean Central Bank COVID-19: Impact on the ECCU • Governmen ernment Reven enues ues: : have e fallen len by at leas ast t 50% • Foreig eign Direct ect Inves estment ment (inc ncludi luding ng CBI): I): projec jected ed to decli line • Oil l prices ices: : low thereby provid iding ing reli lief ef Transforming The ECCU Together 5/2/2020 3
Eastern Caribbean Central Bank The EC Dollar Remains Strong Backing Ratio as at 24 April 2020 120.0 100.3 100.0 Operational 80.0 Target Statutory % 60.0 Minimum 40.0 20.0 0.0 ECCU Transforming The ECCU Together 5/2/2020 4
Eastern Caribbean Central Bank COVID-19: Selected ECCB Actions • $4 million on grant t to member er countries es (St Kitts and nd Nevis is receiv ived d $500,000) • Support for loan deferral als by by banks • Cut Discount Rate from 6.5% to to 2% • Deployed full teleworkin ing mode Transforming The ECCU Together 5/2/2020 5
Eastern Caribbean Central Bank COVID-19: Key Action Points • Follow low the heal alth th protocol tocols • Expand nd connec nectivit tivity • Adopt pt a growt wth mindse ndset • Mana nage your finances nances wisely sely Transforming The ECCU Together 5/2/2020 6
Eastern Caribbean Central Bank Manage Your Finances Wisely • Ident Identif ify esse essenti ntial al and and non non-essenti ssential spend nding ing • Save somet ething hing • Avail il yourself self of of avail ilable le suppor ort Transforming The ECCU Together 5/2/2020 7
Eastern Caribbean Central Bank COVID-19: Key Action Points • Feed your faith ith not not your fear ars • Count nt your our Bles essi sing ngs • Suppor ort Regional ional Solida idari rity ty Transforming The ECCU Together 5/2/2020 8
Eastern Caribbean Central Bank Call to Collective Action The dogmas dogmas of of the the quiet quiet pa past st ar are in inad adequa quate te to to th the sto storm rmy pr pres esent ent. The occ ccasio asion is is pi piled led high igh wi with th di difficulty culty, and and we we must st ri rise se with th the the occ ccasio asion. As As our our case ase is is new, so so we we must st thi think ane anew and and act act anew. ~ Abraham Lincoln, 1862 Annual Message to Congress Transforming The ECCU Together 5/2/2020 9
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