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St Kitts And Nevis Banking Deposits Grow

by Mike Godfrey, Lowtax.net, Washington
16 December, 2014

Caribbean territory Saint Kitts and Nevis has reported that deposits in the territory's commercial banking sector grew by 12.1 percent year-on-year, to XCD4.2bn at the end of 2013.

Meanwhile, banking assets increased by nine percent to XCD6bn (USD2.22bn). The territory reported that commercial banks continue to be sound and well-capitalized.

On the release of the figures, Denzil Douglas, the nation's Prime Minister, said that the integrity of the banking system is paramount to ensuring balanced growth for the member states of the Eastern Caribbean Currency Union (ECCU), which also includes Antigua and Barbuda, Dominica, Grenada, Montserrat, Saint Lucia, and Saint Vincent and the Grenadines. He said that, in context of the regional development agenda, a critical challenge is completing the task of creating a single financial space within the Currency Union, which would establish a regional approach to banking sector regulation and oversight.

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