Caribbean Times 94th issue - Thursday 21st April 2016

8 c a r i b b e a n t i m e s . a g
Thursday 21st April 2016
More than $10 million in drugs seized in Caribbean Sea
FLORIDA, United States
– Three separate international
and inter-agency counter
narcotics operations, in the
past week alone, resulted in
the seizure of approximately
325 kilograms of cocaine,
600 pounds of marijuana and
the apprehension of 15 suspected
drug smugglers in the
Caribbean Sea.
The drugs seized represent
a total wholesale value
of over US$10.1 million.
The operations that led
to the seizures were carried
out by the US Coast Guard,
in conjunction with the US
BASSETERRE – Mr.
Timothy Antoine, who in
February took the helm of
the Eastern Caribbean Central
Bank (ECCB), met with
Prime Minister of St Kitts
and Nevis Dr. the Honourable
Timothy Harris and
Cabinet members on Monday.
The meeting was the
first one in a series that will
be held between the Cabinet
and the new Central Bank
Governor.
Governor Antoine told
the Cabinet members that
his meeting with them was
the first leg of a road show
he is embarking on throughout
the Eastern Caribbean
Currency Union (ECCU).
The Central Bank Governor
said that, in St. Kitts
and Nevis, “I am going to be
meeting with the Leader of
Opposition, the Chamber of
Drug Enforcement Agency,
other US law enforcement
officials, the Royal Bahamas
Defence Force, Royal Bahamas
Police Force and a Bahamian
Drug Enforcement
Unit.
“This is a great example
of how the Coast Guard
collaborates across multiple
agencies to counter the efforts
of drug trafficking organizations,”
said Lieutenant
Ken Franklin, operations officer
for the Coast Guard Cutter
Dependable whose crew
carried out the drug bust.
“This past week’s success
was the culmination of ongoing
cooperative efforts across
international borders and organizational
boundaries.”
The US Coast Guard said
the vessels carrying the illicit
cargo were likely headed to
the United States.
ECCB governor meets St. Kitts cabinet
Industry & Commerce, and
the social partners – the media,
churches, etc.”
Governor Antoine’s presentation
to Cabinet focused
on the fiscal health of St.
Kitts and Nevis in relation to
the ECCU.
According to the Governor’s
PowerPoint presentation,
the key target pertaining
to financial stability is having
well-capitalized banks
with a Currency Adequacy
Ratio of at least 10%. CAR
– capital to risk-weighted assets
ratio – is a key measure
that assesses a bank’s financial
strength and risk of insolvency.
The Governor disclosed
that, as at December
2015, the CAR for banks in
St. Kitts and Nevis averaged
22.46% compared to 14.8%
for banks in the ECCU as a
whole.
Growth in private sector
credit rose to 3.17% in St.
Kitts and Nevis, but registered
a decline of 6.1%
throughout the ECCU last
year. “This probably explains
partly why you are
the fastest growing country
in the OECS,” Mr. Antoine
said.
The ECCB Governor
added, “We are concerned as
a Currency Union. We want
to see private sector credit
turn positive for the Currency
Union. Until such time,
we would be hesitant to say
that we have fully turned
the corner because, yes, the
growth is up but you are not
seeing enough private sector
credit expansion. That is an
important metric, so at every
ECCB Monetary Council
meeting we are going to be
reporting on this.”
GDP growth as at December
2015 in St. Kitts and
Nevis was 6.64% compared
to 2.62% in the ECCU.
The ECCB target for GDP
growth is 5%.