Prese senta ntatio tion at Natio ional al Emer ergenc ency - - PowerPoint PPT Presentation

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Prese senta ntatio tion at Natio ional al Emer ergenc ency - - PowerPoint PPT Presentation

Mar 16, 2024 177 likes •277 views

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

5/2/2020

Transforming The ECCU Together

4

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

6

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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

7

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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

8

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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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