GIS – At a Senate sitting yesterday, senators voiced support for the proposed Banking Act, stating that it would only serve to deepen regional integration.
Senator Hon. Kentry Jn. Pierre, responding to questions on whether the new legislation will require Saint Lucia to relinquish too much authority to the Eastern Caribbean Central Bank, said the new Act was just another step at deepening ties in the sub-region.
Senator Hon. Dr. James Fletcher agreed. He said the ECCB serves as an invaluable asset to the region’s currency union.
“The conversion rate with the US would not have been 2.7169 if we were on our own,” he said. “The reason that currency has remained at that level even with all the turbulence we’ve gone through is because we have an ECCB. That’s why we have one monetary council: so that we can pool our reserves so that when one suffers, there can be a buffer.”
Section Two of the proposed Bill states that the legislation will not come into force until it is published in the Gazette.