Senators view Banking Act as a means of deepening regional ties

By GIS

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.

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3 comments

  1. But that's exactly what made me determined to publish it. Titled "The Weights," it appears in our current issue.. See Terms of Use. For other uses, prior permission required.. "Captain America: The Winter Soldier": Chris Evans returns as Steve Rogers/Captain America. This time out, he's struggling to embrace his role in the modern world and battling a new threat from the past: the Soviet agent known as the Winter Soldier.

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  2. Unity is strength, that is what we black people fail to realize. The larger islands my have the great sports men and women but never forget small islanders we have the unity and enough intelligence to have a strong currency. They can call me a smallie any day but you know what I am proud to be a smallie. Let them know about their currency and you see how they shut-up about the smallie chat!

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  3. THE CENTRAL BANK WILL ALWAYS ACT IN THE BEST INTEREST OF THE OUR REGIONAL CURRENCY UNLIKE THE MINISTERS OF FINANCE WHOSE JUDGEMENT MAY BE CLOUDED BY POLITICAL CONSIDERATIONS.

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