Nevis Banks Alive And Well
It is reported that deposits in commercial banks in St. Kitts and Nevis stands at EC$2.5 billion.
A whopping 93 percent of these deposits are held by residents of St. Kitts and Nevis and almost 40 percent of these deposits are held by households!
It is reassuring to hear the Prime Minister Denzil Douglas say that his government is having a real and dramatic impact on the economic well-being of the people of the Federation.
When my party assumed office in 1995, there were some $661 million in deposits in the federation’s commercial banks. Four years later, this had passed the $1 billion mark, and by the end of 2008, deposits held in commercial banks amounted to some $2.5 billion.
This reflects strong, steady, growth, and this is good for St. Kitts and Nevis.
Some $2 billion of the $2.5 billion in deposits is being held by residents. And, it is also important to note that these deposits do not reflect the economic activity of the large corporations only.
Between the time my government took office in 1995 and the present, household deposits have tripled in St Kitts and Nevis. In 1995, their dollar value was $273 million. In 2008, this had mushroomed to $881 million.
I was not aware Nevis Island fostered so much money. The banks are in prosperous times. That is good to know! The Caribbean Net News was the source of this report.
Nevis Lover ~ Becca Briley
