RCI St. Lucia
posted on June 30, 2014 15:24
The Eastern Caribbean Central Bank (ECCB) is reporting an almost $18 million net loss for the financial year ended March 31, 2014, the first in recent years.
Governor of the ECCB Sir. K. Dwight Venner made the announcement last week during his annual presentation on the performance of the Central Bank.
The bank's profits have been slipping over the years. In 2009/2010 it was as high as $37.1 million, decreasing to $22.6 million is 2010/2011, and $11.7 million in 2011/2012.
The Governor explained that the bank's main source of income is derived from the return on its foreign reserve assets, which, in large part, is dependent on the performance of the US economy and financial markets.
On a more positive note, her also reported that, as at March 31, the bank's total assets stood at $3.9 billion, up $188.6 million, an increase of 5% compared to its position last year.