Dr. Ralph Gonsalves On Growth Of The ECCU

Prime Minister Dr. Ralph Gonsalves says the Eastern Caribbean Currency Union, ECCU, is projected to achieve growth of 2.4-percent this year.

The Prime Minister made the disclosure as he presented an address on radio and television on Tuesday night, in his capacity as Chairman of the Monetary Council of the Eastern Caribbean Central Bank, ECCB.

Dr. Gonsalves noted that the economies of the ECCU are showing gradual improvement, but more work is needed.

The Prime Minister said it is in this context that the Monetary Council of the ECCB took certain critical decisions at its meeting in February, to strengthen the financial system in the ECCU.

He said one of the decisions taken was to lower the minimum deposit rate from three percent to two percent.