Regional central bank governors pledge to deal with a host of financial issues facing the Caribbean
The Caribbean Community (CARICOM) Committee of Central Bank Governors has reaffirmed its commitment to using every tool in their monetary policy arsenal to combat inflation, ensure financial stability, and promote efficiency and innovation in financial services delivery.
Ten Caribbean central banks participated in the two-day virtual meeting over the last weekend that was chaired by the Governor of the Central Bank of Barbados (CBB), Dr. Kevin Greenidge.
A statement issued following the meeting noted that the discussions focused on regional economic developments, particularly how the easing of global inflation and food prices, moderated by rising oil prices, will influence the growth prospects for Caribbean economies. They examined the differential impacts on commodity-based versus service-based economies within the region.
“A significant portion of the meeting was dedicated to financial system issues, with a strong emphasis on payments market developments and opportunities for enhanced regional collaboration.
“As individual member countries and the region collectively seek to modernize their payment systems and accelerate the adoption of digital solutions, the governors reaffirmed their commitment to using every tool in their monetary policy arsenal to combat inflation, ensure financial stability, and promote efficiency and innovation in financial services delivery,” the statement added.
It said recognizing the competitiveness of the financial system as crucial to economic prosperity, the governors acknowledged the common challenges faced by citizens across the region, including opening bank accounts and accessing banking services.
“They pledged to work collaboratively to implement strategies and reforms that address these obstacles, and improve access to banking services across the region,” the statement said, adding “going forward, the CARICOM Governors’ Technical Working Group on Intra-Regional Payments will engage with the Inter-American Development Bank (IDB) team on the Fully Scalable Settlement Engine (FuSSE), a collaborative project between the Bank for International Settlements and the IDB”.
The virtual meeting also provided a platform to explore various aspects of financial stability and inclusion with the statement noting that the highlights included an overview of the regional financial stability report, findings from a region-wide survey on bank fees, and updates on approaches to addressing correspondent banking issues.
“To enhance financial resilience, the governors agreed to form a region-wide central bank committee on statistics to harmonize the quality and availability of financial data,” the statement said, adding updates from regional working groups, including the recently formed Regional Central Bank Group of Reserve Managers, were also received.
The governors emphasized their commitment to implementing fintech solutions, mitigating cybersecurity risks, and incorporating artificial intelligence into central banking operations. Additionally, the Caribbean Technical Assistance Centre (CARTAC) presented on climate risk and its implications for financial stability. Governors agreed to continue incorporating climate-related risk in their financial stability analytical toolkits, the statement said.
The regional central bank governors also discussed the situation in Haiti with the statement noting that they “expressed solidarity for a durable solution”.
The next meeting of the Committee will take place in Barbados in November.
Sourcee-CMC
TCI Sport delegation visits the Cayman Islands and Barbados
State recognized funeral for Terry Newton Smith held in Grand Turk
On Saturday June 1st, the Turks and Caicos Islands held a state recognized funeral for Terry Newton Smith a former civil servant within the TCI Government.
He graduated in June 1969 from the Helena Jones Robinson High School
and about a month later, he was temporarily employed at the Land & Survey Department and officially appointed to the Public Service as a Survey Assistant on March 1st, 1970.
In 1976, Terry was promoted to District Surveyor. Two years later, he was granted a scholarship to attend the College of Arts and Science and Technology (CAST) now known as the University of Technology, graduating in 1980 with Certificates in Land Surveying and Land Valuation. He also completed education in the UK at North East London Polytechnic further qualifying himself in his field. In 1986, Terry was once again promoted to Chief Surveyor. His life as a surveyor took him across various islands in the TCl.
In April 1990, he was appointed to be the second Director of Land Survey from TCI.
Terry furthered his education in 1999, obtaining a Diploma and Associate Membership with the Royal Institute of Chartered Surveyors.
He served as PS in various ministries prior including: Environment & District Administration, Ofice of Public Service Management, Ministry of Social Development and Ministry of Home Affairs.
He was subsequently appointed as Permanent Secretary for Natural Resources, Immigration and Labour. In 2004, he was appointed at the Permanent Secretary for Home Affairs with responsibility for Prisons and later Disaster Management was added. A year later he was appointed as Acting Director of Disaster Management for 2005-2006.
Even after retiring, Terry could not resist the urge and passion to serve. He continued to rise to the occasion to serve his country in the capacity of Director of Ports Authority for several years and volunteering to assist Disaster Management, lending his expertise during the hurricane season periods.
We at Radio Turks and Caicos would like to wish his family our sincerest condolences, May his soul rest in peace.
Opposition Leader, Hon. Edwin Eastwood calls for a review
Leader of the Opposition, Hon Edwin Astwood is calling for a review of the firearm law and cases involving Turks and Caicos Islanders, given the new precedent set with the sentencing of American tourists caught with illegal ammunition.
In a statement following the first sentencing of an American tourist under the newly clarified Firearm Ordinance 2022 by the court of appeal, Astwood said he believes that the judiciary now must review similar cases where Islanders have been penalized to the full extent of the law, while tourists are getting off with minor punishment.
He stated: "In light of the Supreme Court ruling today (May 24) on the case of the American Tourist who was caught with 20 rounds of high-powered rifle ammunition while leaving Turks and Caicos Islands, as Leader of the Opposition, and the Government in waiting, we believe that a precedent has been set and it is now necessary to immediately review the cases of Turks and Caicos Islanders who fall in a similar circumstance.
I repeat, justice must be given to our people who may fall under exceptional circumstances.” End quote
Hon. Astwood said it is necessary to immediately review and potentially amend the existing Firearms laws, allowing public consultation, thereby creating a more nuanced and flexible legal framework.
Hon. Sammy Been, Member of Parliament presented an abundance of clothing to the Salvation Army
On Tuesday, May 28, 2024, Hon. Sammy Been, Member of Parliament for ED 7 presented an abundance of clothing, shoes, and even a walker to the Salvation Army.
The day was to be the first ever Community Roundtable Forum, however, due to a multiplicity of circumstances beyond control, the forum had to be postponed.
Never one to delay an opportunity to envoke his spirit of humanity, Hon. Been proceeded with the Donation of goods. "We wish to thank our constituents who answered the calls and generously raided their closets and cabinets for a worthy cause, It warmed my heart to see the abundance of items donated". End quote
Hon. Been assured the Captain, that the people he represents will continue to give as he stated, the need is great.
Fauci grilled by GOP over COVID response
Dr. Anthony Fauci faced intense scrutiny from House Republicans at a hearing on Monday as lawmakers continue to look into his response to the COVID-19 pandemic and examine theories of the origin of the virus.
Fauci previously proclaimed that he had "nothing to hide" and came before the Select Subcommittee on the Coronavirus Pandemic voluntarily. The more than three-hour hearing marked the first time he's publicly testified since he left the federal government at the end of 2022 after five decades of service.
Fauci's appearance on Capitol Hill comes amid a contentious election cycle, with Republicans continuing to hammer him on his response to the virus — everything from mask mandates to vaccine guidelines and origin possibilities.
Fauci addressed those issues, and defended himself from Republican attacks, calling certain matters "seriously distorted."
Source-ABC
Robert Downey Jr. says he's "surprisingly open-minded" to returning as Iron Man
In the latest installment of Variety's Actors on Actors series, Oscar winners — and longtime friends — Jodie Foster and Robert Downey Jr. reflected on their friendship, their careers and, perhaps unexpectedly, whether or not Downey will someday put his Iron Man suit back on.
Downey's Tony Stark sacrificed himself to save humanity and rid the galaxy of Thanos at the end of 2019's blockbuster Avengers: Endgame, and the character's loss has been felt in subsequent Marvel Cinematic Universe entries, including Spider-Man: No Way Home.
That said, following his Oppenheimer Oscar win, Downey has mentioned several times he'd be open to a return to the MCU — something he reiterated with Foster.
Foster, who told Elle in 2023 that the superhero genre "has lasted a little too long" for her taste, asked the actor, "Would you think of putting the suit back on again for Tony Stark?"
Downey replied, "It's just crazily in my DNA. Probably the most like-me character I've ever played, even though he's way cooler than I am. I've become surprisingly open-minded to the idea."
For the record, while Downey seems optimistic about an MCU return, last year Marvel Studios President Kevin Feige told Vanity Fair about Stark's sacrifice, "We are going to keep that moment and not touch that moment again. We all worked very hard for many years to get to that, and we would never want to magically undo it in any way."
Marvel Studios is owned by Disney, the parent company of ABC News.
Turks and Caicos Islands Government: Statement in response to Bryan Hagerich sentencing hearing
Turks and Caicos Islands Premier, The Honorable C. Washington Misick, commented on today’s Court decision with the following statement:
“Justice has been served as the law intended. As we have said, The Firearms Act includes consideration for exceptional circumstances and today’s decision reflects our commitment to judicial independence along with upholding the law. Residents and visitors can be confident that the Turks and Caicos Islands are dedicated to safety and compassion as we protect the safety and rights of all.
In the Turks and Caicos Islands, the law stands firm and applies to everyone equally, without exception. Our commitment to the rule of law is unwavering and remains a cornerstone of our democratic values. We are committed to providing a safe, and enjoyable, experience for all citizens, residents, and visitors.
I assure all travelers that the Turks and Caicos Islands prioritize hospitality, cultural exchange, and mutual respect. You will find our doors open and our hearts eager to share the warmth and beauty of our homeland. We highly value the trust and confidence travelers worldwide place in us when they choose the Turks and Caicos Islands as their destination.”
Additionally, the remaining four accused individuals are released on bail as they await their court dates. Aside from the individuals who traveled back to the US for medical reasons, all are currently residing on Turks and Caicos Islands.
STATEMENT FROM THE HONOURABLE C. WASHINGTON MISICK, PREMIER TURKS AND CAICOS GOVERNMENT
As Premier of the Turks and Caicos Islands, I assure our American friends that the Turks and Caicos Islands prioritizes hospitality, cultural exchange, and mutual respect. You will find our doors open and our hearts eager to share the warmth and beauty of our homeland. We value the trust and confidence travelers from around the world place in us when they choose the Turks and Caicos Islands as their destination. Transparency and accountability are paramount in our operations, ensuring that our decisions are made lawfully and in the best interests of all residents and visitors.
The Turks & Caicos Islands welcome over one million visitors each year, more than half of whom are American.
Respect for the rule of law and an independent judiciary are key tenants of our justice system, and all persons are equal in the eyes of the law. Judges are permitted to use their discretion in sentencing individuals who have been convicted of violating our Firearms law. In fact, in cases that occurred prior to the five cases that have generated media coverage, the mandatory 12-year minimum sentence has never been imposed by the Court because judges determined in each case that exceptional circumstances warranted shorter sentences.
Our justice system is designed to uphold the rights and freedoms of all individuals, regardless of their place of origin, while maintaining the security and integrity of our Islands. Our judicial and law enforcement institutions are dedicated to impartiality and consistency in enforcing our laws.
Recent events have underscored the importance of adhering to the principles of justice and accountability. Let me be clear: In the Turks and Caicos Islands, the law stands firm and applies to everyone equally, without exception. Our commitment to the rule of law is unwavering and remains a cornerstone of our democratic values.
We are committed to providing a safe and enjoyable experience for all citizens, residents and visitors.