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ECCB Governor presents 2011 ECCU Economic Review |
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Monday, 27 February 2012 20:14 |
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The Eastern Caribbean Central Bank (ECCB) Governor Sir Dwight Vennor has reported that the economies of the Eastern Caribbean Currency Union (ECCU) member states have remained in recession over the last three years.
Sir Dwight made this statement during his presentation of the 2011 ECCU Economic Review aired last evening.
He said these economies have remained in recession, although they have seen an easing in economic contraction. Sir Dwight said economic activity has contracted by 5.7 and 2.2 percent in 2009 and 2010 respectively, followed by decline of 0.6 percent in 2011.
With respect to the monetary variables, the ECCB Governor said growth in credit remained below historical norms at 1.0 per cent, an improvement over the 2.0 per cent decline recorded in 2010.
He said non-performing loans however increased, leading to further tightening in the terms and conditions offered by commercial banks.
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