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A decision by the members of the Eastern Caribbean Currency Union ECCU to decrease interest rates on bank savings appears to be catching the average consumer by surprise.

The move which has not been highly publicized has taken effect at banks across ECCU member states.

Speaking on the latest move veteran banker Peter Alexander explained that the move is not strange especially at a time when member states continue to operate in sluggish economies.

He believes that it does not allow banks to give attractive interest rates on savings at this time for several reasons, and he adds, the situation is not about to change anytime soon.

But Mr Alexander also stressed that the banks have a responsibility to inform their customers about the recent development.

He believes that this has not been the case because of the significant drop in customer service, which has not only affected the banks communication but has affected other areas as well.

Mr Alexander says while the drop in interest rates on savings may not affect the economy, it may affect the amount of money in circulation.
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