Everything you'd want to know about Nevis, West Indies

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Nevis Banking

It was recently reported that surpluses are up for Nevis West Indies, despite the international economic and financial crisis.

The Labour Spoksman reported that St. Kitts and Nevis Minister of Finance, Dr. the Hon. Timothy Harris said that the twin-island Federation chalked up surpluses on the primary balance for the first six months of the year.

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Recently returning from the Commonwealth of Dominica, he attended a meeting there of OECS Ministers of Finance at which the finances of the member states were discussed.

There, the Governor of the Eastern Caribbean Central Bank (ECCB), Sir K. Dwight Venner, brought the Ministers of Finance and other officials up to date on the international economic and financial crisis. It was discussed how it was impacting on credit and money supply on the Eastern Caribbean Currency Union (ECCU).

Dr. Harris said:

“It is not perfect here, but we in St. Kitts and Nevis are among the top performers in the nine countries of the OECS Currency Union. It is working under this Labour Government. It is working.”

“Mr. Governor; I am pleased to report that under my watch, every month from January 2009 to June 2009, our country (St. Kitts and Nevis), has recorded a surplus of EC$80 million up to June 2009.”

The Federal Minister of Finance said:

“We have had a very showing in terms of delivering fiscal performance. We contain expenditure. We went out on a massive revenue collection program. We launched an amnesty for delinquent taxes.”

So, there you have it! Nevis Island seems to be doing well, and maybe even better than the U.S. and a few other nations around the world.

For information on the East Caribbean Dollar for those who need the help, check out economicexpert.com.

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You can also check into The Bank of Nevis Ltd..

HERE is a list of more options for Banks in Nevis and St. Kitts

Nevis Lover ~ Becca Briley :)

Posted in Banking/Finance

Nevis Economy

It is no secret that the United Sates economy is in a recession and many people are doing the best they can just to get by. So, many might be wondering of wonderful Nevis Island is experiencing the same hardships.

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Well, the statistics are a bit outdated, but as one could imagine, they too are experiencing some downfalls in their economy. However, many people do see a prosperous future! Due to the fact that this is a tourist based Caribbean Island, like the many others, they have seen a bit less visitors, especially from the states. As many people who usually visit, now cannot, Nevis has seen a bit of a cut back in tourism.

This is why many Nevis Resorts and Nevis Hotels are offering special package deals. To help in cutting the cost of taking a Nevis Vacation. It makes sense, and many people have reaped the benefits.

Another huge set back for Nevis could be pointed at the hurricanes that prevail pretty much every year. The Nevis Four Seasons Resort has had numerous repairs, costing millions of dollars. Even though hurricane season may do some damage, they always rebound and better themselves for island visitors to enjoy.

Even though they have seen hard times, Caribbean Net News reported that the St. Kitts and Nevis economy is well placed to achieve strong growth in medium term. “The Washington-based International Monetary Fund (IMF) said Monday that while the global downturn and heavy debt burden are likely to weigh heavily on near-term growth, the economy of St. Kitts and Nevis is well placed to achieve strong growth over the medium term provided that the authorities continue to implement appropriate policies and press ahead with the reform agenda.”

The IGM also said:


Risks to the outlook are clearly on the downside, as strains from the global crisis have become increasingly evident in the local financial system, including through extensive cross-border linkages with the troubled CL Financial Group. Higher food and fuel prices led to a pick-up in inflation in the first ten months of 2008, peaking in October 2008 at 8.3 percent before moderating to 7.6 percent at end-2008. Inflation is projected to ease further in 2009 on the back of lower oil prices.

However, the primary surplus is projected to decline to 2½ percent of GDP in 2009, largely due to an expected drop in revenues without concomitant cuts in expenditures, and the debt ratio is expected to trend up again. With a debt ratio at more than 175 percent of GDP by end-2008, debt service comprises nearly a quarter of government revenues, leaving no space for fiscal policy to respond to the adverse shocks.

Fiscal consolidation will be important not only for restoring debt sustainability, but also for supporting competitiveness, maintaining stability, and underpinning the Eastern Caribbean Currency Union (ECCU) quasi-currency board arrangement.

Moreover, should the global slowdown be prolonged, the adverse impact could spread to the banking sector through a rise in nonperforming loans. The insurance sector, meanwhile, is grappling with the fallout of CL Financial Group’s problems.

The U.S. Dept. Of State Website gives some insight to the Nevis Economy.

You can read up on some other Nevis Economy facts from Wikipedia.

Nevis Lover ~ Becca Briley :) stkittsnevis_flag_2004-worldfactbook.gif

Posted in Banking/Finance

Nevis Banking Moves Forward

The Bank of Nevis Limited is moving forward with a new website! This will allow them to improve its relationship with its virtual customers. What a great move forward!

The site was built by SKNVibes who reported the new launch. They described it as being more informative and user-friendly.

See the new website at thebankofnevis.com. It really does look great!

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According to General Manager of the bank, L. Everette Martin, it should facilitate more efficient business relations and enhance the financial institution’s competitive advantage.

Bronte Swanston-Hendrickson is the Marketing Officer of the bank. She said the institution recognises that the website is its window to the world and that it gives them an avenue to communicate with customers as well as those who may never set foot in the bank.

She also said that just as the bank would like customers who come into the bank to be comfortable, virtual customers will have a pleasant welcoming experience when they visit the site. She said it was against this backdrop that they reconstructed the site.

SKNVibes, which submitted the successful tender to construct the site, was represented by Chief Financial Officer Stachio Williams and Nevis Operations Manager Ron Daniel.

Daniel said the fact that the bank has entrusted the building of the site to SKNVibes speaks to the confidence that the bank has placed in them. He revealed that his company has done a plethora of websites including those of Deon and Associates, NEVLEC, TDC Group of Companies, the Villa at Nelson Springs, the Development Bank of Nevis, Nevis Culturama, and Hamarron Services.

The Nevis Operations Manager said he is pleased, as a customer and shareholder of the institution, that the bank finally has a website it could be proud of; a site that brings with it the perfect complement of expert design, detailed information and functionality that is unparalleled for any institution of its kind.

Daniel believes that in this website, SKNVibes has gone above and beyond its contractual obligations to ensure all customers of the bank are completely satisfied. He said that just as the Bank of Nevis is committed to improving the quality of life in general, SKNVibes is committed to improving the quality of life online.

Williams said his company is honoured to partner with the Bank of Nevis on building the website and views the partnership as a marriage of two locally owned firms to serve not only locals, but also international customers.

How convenient for the poeple of beautiful Nevis Island. It’s always great to see them prospering.

Nevis Lover ~ Becca Briley :)

Posted in Banking/Finance

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.

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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

Posted in Banking/Finance

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