ONE OF THE REGION’S central bankers has accused international ratings agency Moody’s of taking “every opportunity” to “herald the demise” of regional currency.
Governor of the Eastern Caribbean Central Bank, Sir Dwight Venner, warned that the challenges facing the Organisation of Eastern Caribbean States’ (OECS) 30-year monetary union came at a time when the OECS found itself “at the crossroads” and struggling to combat the effects of the ongoing global economic recession.
In a no-holds barred presentation, Sir Dwight said: “The ratings agency Moody’s seems to take every opportunity, supported by regional elements outside of the OECS, to herald the demise of our currency and currency union.”
He added that Moody’s proposed “that we devalue our dollar and dismantle the currency union which has been largely responsible for our stability since the attainment of our independence”.
He added that the “evidence to the contrary seems to suggest that the stability of the currency and the safety of the deposits in the banking system have been the anchors on which the stability of our economies and financial system has been built over the last three decades in the face of monumental challenges up to and including the current global crisis”.
