Minister Coye on Delays to Central Bank Act

Chris Coye

And still on the topic of economics, Minister Coye explained after the official ceremony outlining the scope of the Summit that there have been some delays in realizing the goals of an amendment to the Central Bank Act 67(1).  That amendment allows for the Central Bank to establish emergency programs or facilities through other banks and financial institutions by allocating funds with low-interest rates in unusual economic or financial circumstances.  Here’s how Minister Coye explained the delay.

Chris Coye, Minister of State, Finance, Economic Development, Investment

“Initially, the Central Bank went through the process of developing like a term sheet for it. Ultimately that was approved by the Board and then I think the Minister signed off on it. So the next step is the development of the legal documents and I think there have been delays in the development of the legal documents, unfortunately. But I expect that the Central Bank will have that completed in the next few weeks. The term sheet – that’s being discussed with the financial institutions. The eligible financial institutions include the banks, the credit unions and the DFC, so I believe the Central Bank has had meetings with them, or representatives of those institutions and they have received it positively, so I do look forward to seeing a number of them as participating lenders and working on the – making available of that fifty million dollars in low-cost financing.”

Minister of State Coye also told News Five that contrary to reports on social media that Martin Marshalleck was being considered as the next Governor of the Central Bank, the Ministry has not selected anyone at this time and they are still conducting their search.