ECCB 2015/2016 Annual Report

EASTERN CARIBBEAN CENTRAL BANK

the OECS Vision Priorities and the ECCB Vision for the Financial Sector Development were presented. Some of the matters addressed at the retreat were: the ease of doing business, transportation, energy, public private partnerships and the OECS Business Council Secretariat. The OBC currently meets monthly to address outstanding matters, advocate on private sector issues and to deliberate on ways to further assist the private sector in the region. The discussions have focused mainly on air and sea transportation. The OBC has established networks, represented the private sector at regional meetings and has commissioned a website as part of its outreach agenda. The Council continues to work on the following objectives, as outlined in its strategic plan: 1. To institutionalise a business model which will establish sectorial and national focal points and a sustainable value added regional secretariat; 2. To be the major advocate for the private sector in offering options and recommendations of policy advice to the governments of member states; 3. To develop a cohesive and inclusive approach for an economically competitive private sector by transforming the business ecosystem incrementally at the firm, sector, industry, national and regional levels; 4. To utilise available technologies to facilitate easy and cost effective communication to promote and market, provide business development, trade facilitation, benchmarking, and certification and accreditation services; 5. To develop the entrepreneurial ecosystem across the OECS in harmony with the OECS Economic Union’s agenda through close collaboration

Chart II

The increased demand for Treasury bills led to a decline in short term yields which was the main contributing factor to the steepening of the weighted average yield curve for the ECCU. Yields on 180-day and 365-day Treasury bills fell by 104 basis points (bps) to 4.36 per cent and 5.17 per cent respectively. Yields on 91-day Treasury bills remained virtually unchanged at 3.67 per cent. Yields in the two to four-year segment were higher, while yields in the five to 10-year segment of the yield curve remained relatively stable. OECS B usiness C ouncil (OBC) The OECS Business Council (OBC), which was incorporated in St Kitts and Nevis in 2012, was established to serve as a representative body for the private sector in the OECS. During the year, the ECCB continued to provide administrative and technical support to the Business Council. The Council met with officials from the OECS Commission and the ECCB in July 2015 at the ECCB Headquarters for a private sector retreat, from which a precise action plan emerged to guide the OBC in its operations and goals. To inform the discussion,

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ECCB A nnual R eport 2015/2016