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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.


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SLIDE 1

Eastern Caribbean Central Bank Eastern Caribbean Central Bank

5/2/2020

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

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SLIDE 2

Eastern Caribbean Central Bank

COVID-19: Impact on the ECCU

  • Econo

nomi mic Activi vity ty: Sharp contr trac acti tion

  • n

throug ughou

  • ut

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

  • und

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

5/2/2020

Transforming The ECCU Together

2

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SLIDE 3

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

5/2/2020

Transforming The ECCU Together

3

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SLIDE 4

Eastern Caribbean Central Bank

The EC Dollar Remains Strong

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Transforming The ECCU Together

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100.3 0.0 20.0 40.0 60.0 80.0 100.0 120.0 ECCU %

Backing Ratio as at 24 April 2020

Statutory Minimum Operational Target

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SLIDE 5

Eastern Caribbean Central Bank

COVID-19: Selected ECCB Actions

  • $4 million
  • n 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

5/2/2020

Transforming The ECCU Together

5

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SLIDE 6

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

5/2/2020

Transforming The ECCU Together

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SLIDE 7

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

  • f avail

ilable le suppor

  • rt

5/2/2020

Transforming The ECCU Together

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SLIDE 8

Eastern Caribbean Central Bank

COVID-19: Key Action Points

  • Feed your faith

ith not not your fear ars

  • Count

nt your

  • ur Bles

essi sing ngs

  • Suppor
  • rt Regional

ional Solida idari rity ty

5/2/2020

Transforming The ECCU Together

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SLIDE 9

Eastern Caribbean Central Bank

Call to Collective Action

The dogmas dogmas

  • f
  • f

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
  • cc

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

  • ur

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

5/2/2020

Transforming The ECCU Together

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