St. Kitts and Nevis - Banking and securities



St. Kitts and Nevis has a relatively simple system of public and private financial institutions, which the government wishes to expand. As a member of the Organization of Eastern Caribbean States (OECS), it has as its central monetary authority the Eastern Caribbean Central Bank (ECCB), headquartered in Basseterre. The Eastern Caribbean Home Mortgage Bank is also located in St. Kitts and Nevis.

The two islands had eight banks in 2000, including both foreign and domestic concerns. Barclays Bank, the Royal Bank of Canada, and the Bank of Nova Scotia represent foreign interests, whereas domestic interests include the St. Kitts and Nevis National Bank, the Development Bank of St. Kitts and Nevis, and the Nevis Cooperative Bank. The International Monetary Fund reports that in 2001, currency and demand deposits—an aggregate commonly known as M1—were equal to $42.5 million. In that same year, M2—an aggregate equal to M1 plus savings deposits, small time deposits, and money market mutual funds—was $305.9 million.

Securities transactions on international exchanges are performed by the banks.

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